Business Grants

The South West Regional Development Agency's (SW RDA) Grant for Business Investment (GBI)  is aimed at businesses of all sizes looking to invest in assisted areas, including Cornwall and the Isles of Scilly, that need a grant or a loan to take their vision forward. The maximum that can be applied for is 50 per cent of capital expenditure of a project, depending on a company's size and their specific needs.

The scheme focuses support on high-quality, innovative, knowledge-based projects that lead to long-term improvements in productivity, skills and employment in South West England. The majority of jobs created are expected to be at NVQ Level 2 and above. 
 
Projects which may be eligible for support include the launch of a new business, expansion of an existing company, introduction of new technology or the taking of a new product from its early stages right through to production.

Projects should provide positive benefits to both the regional and national economy and each application will have to meet certain criteria:

·          Projects must be located in an assisted area

·          Demonstrate a proven need for financial support

·          Display quality features, such as good skills levels and growth in Gross Value Added;

·          Projects must be funded mainly by the applicant or from other private sector sources;

·          Involve capital investment on fixed assets such as property or machinery

·          Create new jobs or safeguard existing employment

·          Projects should be viable, competitive and profitable  

·          Projects should not be irrevocably committed prior to the application

·          Projects should provide positive benefits to both the regional and national economy.

 

Under GBI the minimum grant available is £10,000. Grants of up to £2 million will be appraised by SWRDA. Any projects needing grants over £2 million will be appraised by the Department for Business, Enterprise and Regulatory Reform (BERR, formerly the DTI).

 

For more information contact Business Link

 

Business Support Services

The Department for Business, Enterprise and Regulatory Reform (BERR, formerly the DTI) also offers a number of funding routes designed to meet different stages of a business's development and growth. Grouped under the themes of innovation, best practice and raising finance, the funding reflects the areas in which your business may be most likely to need assistance. More information can be obtained
from BERR and Business Link. 
 

Innovation, Research and Development Grants

 

The UK government encourages innovation and research and development (R&D) projects among businesses. If you plan to research and develop new products or services, you can get free information and advice and may also be eligible to apply for financial support, in the form of an R&D grant. These grants cover research and development of new technologies and innovative products or processes.

 

Applying for an R&D grant usually involves completing application forms and demonstrating how you satisfy the funding conditions and requirements. An effective application is essential if you are to maximise your chances of obtaining a grant. Any guidelines given with the application should be closely followed.  For more information please contact Business Link.

 

How to Apply

Full applications can sometimes be quite time consuming. To cut down the risk of wasted time and ensure the maximum chance of success we recommend that you put together a one page summary which briefly covers the following: company history, company structure, proposed project expenditure, current financial situation and plans/forecasts for the future including employment and growth.   Please email it to info@investincornwall.co.uk with 'Grant Application Summary' in the subject header.

 

We can then liaise with the funding bodies on your behalf to establish the next step.