Financial Support Services

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, please check with the relevant contact before applying.

Below is an updated summary of funding available to businesses based in Cornwall, as of 21.04.12

Grant for Business Investment

• Grant for Business Investment is a discretionary 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

• Finance gap between cost and market values of developing an environmentally friendly property.
• Please contact:
  - Ian Whale: Ian.Whale@communities.gsi.gov.uk or 0303 444 6550
  - John Burton: John.Burton@communities.gsi.gov.uk or 030 444 6549

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 £25,000 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, email: support@innovateuk.org, or click here for more information.

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
• Please click here for more information.

Business Growth Fund

• New £2.5 billion equity investment fund backed by 5 of the top banks in the UK
• Growth finance between £2-£10 million
• Minimum qualifying turnover criterion for applicant businesses of £5 million
• For more information please see: https://www.businessgrowthfund.co.uk

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.
• Please contact Janet Bowen on 03001234100 or email, jbowen@cornwall.gov.uk, to find out more.

Plymouth University and Western Morning News Growth Fund (PWGF)

• £1 m SME Growth Fund
• Businesses from the Westcountry can apply for cash sums between £10,000 and £100,000 to help grow their business and create new job opportunities.
• Match funding is not necessary
• **Please note - due to high numbers of applicants, the fund is currently suspended, and expected to reopen to new applicants in October.
• Please see www.plymouth.ac.uk/enterprisesolutions for more information, or call 0800 052 5600.

South West Investment Group Services (SWIG)

• Small loans for businesses of up to £50,000.
• Please see www.swloansfund.co.uk for more information or contact Peter Casey: peter@southwestinvestmentgroup.co.uk

South West Loans Fund

• Finance for businesses that are unable to secure funding from conventional sources– loans of between £50,001 and £250,000.
• Please contact Yvic Carr or Mike Wall of FC Fund Manager on enquiries@fcfundmanagers.com or clicke here for more information.

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 Bruce Colley, Investment Director on bruce.colley@swain.org or 07717416023

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.

Fund101

• designed to assist UK start-ups or exisiting SME's looking to turn an idea into a new business or purchase equipment to help take their enterprise to the next level
• Individual grants ranging from £50 to £500 pounds (does not need to be paid back)
• Please see Enterprise Nation's webpage for more details - http://enterprisenation.com/fund101/

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.

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 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.