Funding

Funding

While strict eligibility criteria apply, Convergence funding means that businesses that are entitled to grant funding will receive more in Cornwall than other locations.

As the funding situation is continuously changing, and although we try to keep our information as current as possible, please check with the relevant contact before applying.

Below is an updated summary of funding available to businesses based in Cornwall.

Grant for Business Investment

  • Grant for Business Investment is adiscretionary grant for investment projects with an emphasis on innovative knowledge based projects creating skilled employment, growing productivity and contributing to the delivery of a low carbon economy.
  • Please contact:
    - Richard Hoskin: richard.hoskin@communities.gsi.gov.uk or 0303 444 6576
    - Paul Wilson: paul.wilson@communities.gsi.gov.uk or 0303 444 6577

Property Gap Fund

Grant for Research and Development

  • Funding to SMEs to encourage engagement in projects in the strategically important areas of science, engineering and technology from which successful new products, processes and services can emerge.
  • Three types of grants available: Proof or Market Grant, Proof of Concept Grant, Development of Prototype Grant from £25,00 to £250,000
  • Run on a rolling basis with judging 5 times per year
  • Contact The Technology Strategy Board's dedicated business support number on 0300 3214357 or email: support@innovateuk.org

Regional Growth Fund

  • The Regional Growth Fund supports projects with significant potential for economic growth and private sector employment, as well as supporting areas that are vulnerable to public sector cuts, helping them to transition to private sector led growth and development
  • ‘Challenge Fund’ in which applications are invited in a series of bidding rounds. Minimum bids of £1M.
  • Private sector organisations, public-private partnerships, or Local Enterprise Partnerships are encouraged to apply

Low Carbon Grant Fund

  • £5.0m fund supported through the Convergence European Regional Development Fund (ERDF) to assist eligible SMEs in their improvement of energy and resource efficiency
  • may also include the generation of low carbon energy, supply chain development, research and development links, and best practice dissemination
  • Please note: Due to the large amount of interest in the fund, new applications are currently not being accepted, however the fund is expected to re-open by the end of the year.
  • contact Janet Bowen on 0300-1234100 or email, jbowen@cornwall.gov.uk, to find out more.

South West Investment Group Services (SWIG)

Ascendant Ventures

South West Angel and Investor Network (SWAIN)

  • Network connecting private investors, or Business Angels, with SMES looking for equity finance.
  • Please see www.swain.org.uk for more information or contact John Ager: john.ager@gmail.com.

Springboard Fund

  • Grant or loan assistance – between £30,000 and £150,000- towards a project that has a significant impact on the local economy
  • Please contact www.springboardfund.co.uk for more information or contact Business Link: 0845 600 9966.

Rural Development Programme for England (RDPE)

  • Capital grants- assistance for rural businesses to invest in efficiency and diversification. Specific schemes available to farmers, food producers & rural micro businesses.
  • Please see http://www.sw-ruralgateway.info/ or contact Business Link: 0845 600 9966 for more information.

PESCA Loan & Fresh Start Loan Fund

  • PESCA- Interest-free loans up to £20,000 to assist small businesses in the fishing industry.
  • Fresh Start – Loans of up to £50,000 for New Entrant and Tenant Farmers to assist with start-up and growth costs.
  • Contact John Peters: john@southwestinvestmentgroup.co.uk

European Fisheries Fund

  • Financial assistance to help implement the latest reform of the Common Fisheries Policy
  • Financial support can be given for: Vessel Modification, Aquaculture, and the processing
  • Contact Steve Bailey: S_Bailey@Seafish.co.uk

South West Cleantech Co-Investment Fund (Cleantech Fund)

  • £2.5m fund designed to provide loan finance to entrepreneurs and early stage businesses developing low carbon technologies and innovations. Loans designed to match equity investment (min - £50k, max=£100k).
  • Please see www.swain.org.uk/CleanTech.aspx for more information

Renewable Heat Incentive (RHI)

  • RHI will provide long-term financial support to renewable heat installations (domestic and non-domestic)to encourage the uptake of renewable heat
  • To be funded from a total budget of £800m from 2011-2014.
  • Anyone who has installed renewable heat since 15th July 2009 will qualify for RHI payments, provided they meet the eligibility criteria.
  • Further details are available from DECC (Department of Energy & Climate Change) or The Carbon Trust on 0800-0852005 or see their website.

Tax Incentives

Cornwall offers several tax incentives for businesses locating in the area such as:

  • R&D tax relief
  • Brownfield sites
  • Land remediation
  • Commercial refurbishment
  • International Trade
  • Entrepreneurial Relief

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 contact us here with the 'Finance' box ticked and Grant Application Summary in the message field.

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

Tel: +44 (0)1872 322800

InvestinCornwall UK and EU is a service of Cornwall Development Company
Registered Office: Pydar House, Pydar Street, Truro, TR1 1EA
Registered in England and Wales no: 3668828
www.cornwalldevelopmentcompany.co.uk