Go For Grants - Welcome to our Financial Assistance Hub
Furness is one of the few remaining Assited Areas in UK. Special discretionary capital investment and job creation grants are on offer. The main sources of discretionary grants and loan schemes currently operating within the area include
- Grants for Business Investment and Job Creation,
- Grants for Research and development,
- innovation vouchers
- Training to gain finance
- Transport and Freight Facilities investment grants
- locally funded job grants that offer £1000 to £5000 for esch job created
- funding for Recruiting people who have been out of work for some time.
- marketing support for retailers in Barrow Borough
Some of the main sources of funding available to businesses based within Furness are:
Here is a [pdf] of the latest Looking for Business Finance? Leaflet
Grants For Business and Investment
The discretionary job creation or capital investment grants are available in Furness until 31 December 2013.
They are open to all businesses located in or considering relocating to the Furness and Cumbria "Assisted Areas".
A grant bid has to meet criteria on productivity, job numbers and quality of a project as well as demonstrating a need for funding.Grant is normally available for projects with 1 to 3 year time horizons.
Funding amounts can vary. Large firms may qualify for up to 15% eligible project costs.
Small firms can apply for eligible project costs up to 35% and medium sized firmsfor up to 25% if they can justify it is essential to fill a funding gap. or achieve a particular minimum return on investment.
Start Up Company grant and business support schemes offer new businesses in Ulverston advice training, help with preparation of a business plan and discretionary grant aid of up to £1,000.It also offers free mentoring and ongoing support a further 12 months after your busineess starts trading.Call Val Robinson 01229 820611 vrobinson@furnessenterprise.co.uk
The Furness Peninsula Enterprise Fund is a grant scheme for existing or incoming firms classified as small or medium sized enterprises (employment worldwide must be less than 250 people).It offers discretionary assistance of between £1,000 and £5,000 for each new job created.To apply for a grant under this scheme call Val Robinson 01229 820611, vrobinson@furnessenterprise.co.uk
The GlaxoSmithKline Enterprise Development Fund also offers between £1000 and £5000 per job created by companies of any size. The fund is available to anyone wishing to establish a new business and to existing busiensses that are looking to expand. The fund is also accessible to former GlaxoSmithKline employees leaving employment at their Ulverston site regardless of resident geographical location. For further information call Val Robinson 01229 820611 vrobinson@furnessenterprise.co.uk
Open For Business offers business in Barrow in Furness advice training, help with preparation of a business plan and discretionary grant aid of up to £1,000.Open for Business also offers free mentoring and ongoing support a further 12 months after your busineess starts trading.To start your business using Open for Business call Val Robinson 01229 820611 vrobinson@furnessenterprise.co.uk
Local Marketing Grant Schemes
Through Furness Enterprise companies in Ulverston and Low Furness are able to access discretionary marketing grants which can be worth up to £1,000 per firm to promote development of new markets.South Lakeland District Council have provided the finance to make this scheme possible.
To apply for these grants call Val Robinson 01229 820611, vrobinson@furnessenterprise.co.uk Grants for Research and Development
Innovation in Business Scheme
Open to firms of all sizes in furness this new scheme introduced in November 2009 allows support for development of new products and processes.
SCHEME ADMINISTRATION –
Christine Hodgson chodgson@furnessenterprise.co.uk Tel: 01229 820611
Barrow and Dalton Town Centre Shop Front Grants
Would a grant be useful? We may be able to help.
Barrow in Furness Borough Council has allocated £200,000 capital funds to support a Shop Front Grants Scheme for Barrow and Dalton Town Centres.
The aim of this scheme is to support the creation of attractive and customer friendly town centres in Barrow and Dalton which enable shopkeepers to work effectively together to market their town centres in order that they can compete effectively with out of town shopping.
Who can apply for a grant?
What can I get a grant for?
Grants can cover:
• new windows
• exterior treatment
• vinyl graphics or lettering
• fascias
• signage
• lighting
• canopies
• etc
on the principle trading elevation of the property.
How much will I get?
There are two levels of grants available:
• Small Units - A non-contributory grant of up to £2,000 aimed at small shops whose frontage could be improved.
• Larger Units - An additional grant of 50%, up to a maximum of £20,000
How do I apply?
Application forms and guidance can be downloaded here:
• Download Guidance Leaflet (PDF 113 Kb)
• Download Application Form (MS Word 700 Kb)
Or you can pick up forms from Central Reception in Barrow Town Hall or Dalton Town Hall
Or telephone 01229 876389
Or write to:
Mrs A. Taylforth
Town Centre Manager
Barrow Borough Council
Town Hall, Duke Street
Barrow-in-Furness,
Cumbria,
LA14 2LD
The scheme is targeted at small retailers in Barrow Town Centre and Dalton Town Centre.
The scheme will be open to small independent businesses only with less than 50 employees.
· Product design development. This could involve conceptual through to detailed engineering design and prototyping.
· Production capacity changes which promote the manufacture of new products.
· New production process development.
· Systems integration.
· Pre-commercial product business development.
Information technology development that supports the preceding activities
Grants for Research and Development
There are 4 types of Grants for Research and Development available for different types of Research & Development :
1. Micro Projects are simple, low cost development projects lasting no longer than 12 months. The output should be a simple prototype of a novel or innovative product or process. A grant of between £5,000 and 20,000 are available to businesses with fewer than 10 employees to cover up to 45% of eligible costs.
2. Research Projects typically involve planned research or critical investigation lasting between six and 18 months. The result of the project could be new scientific or technical knowledge that may be useful in developing a new product or process. A grant of up to £100,000 is available to businesses with fewer than 50 employees to cover up to 60% of eligible costs.Minimum grant is £20,000.
3. Development Projects involve the shaping of industrial research into a pre-production prototype of a technologically innovative product or industrial process. Up to £250,000 is available for businesses with fewer than 250 employees to cover up to 35% of eligible costs.
4. Exceptional Projects involve technology developments which have higher costs. These projects are likely to generate much wider economic benefits and must have strategic importance for a technology or industrial sector. Grants of up between £250,000 and £500,000 are available to businesses with fewer than 250 employees to cover up to 355 of eligible costs.
Seed and Venture Capital Funds
To assist the region's small businesses raise the finance they need, the NWDA has invested in a number of seed and venture capital funds. Venture capitalists look to invest large sums of money in return for shares in your business.The funds include:
RisingStars Growth Fund - a £19 million fund specifically for high growth, early stage technology companies. Managed by Enterprise Ventures, the fund will invest up to £500,000 in selected companies.
Northwest Equity Fund - a £35.5 million fund managed by WM Enterprise which can make investments of up to £500,000.
Northwest Seed Fund - a £4.5 million scheme to help the region's entrepreneurs. Initial investments of up to £100,000 will be made in innovative early stage businesses to help develop their ideas and exploit early sales. Managed by Axiomlab Investment Management.
Northwest Business Investment Scheme - a £23 million scheme to provide seed and venture capital investment to small and medium sized businesses using money allocated by the European Regional Development Fund. Managed by YFM Private Equity
Enterprise Finance Guarantee
Businesses with viable proposals unable to obtain conventional loans because of a lack of security
A government guarantee covering 75% of the loan, encouraging commercial lenders to provide loans to businesses lacking security. Borrowers pay dti a premium of 2% p.a. in return for the guarantee.
BERR Business Support Solutions.
They are grouped into four themes reflecting the areas in which your business is most likely to need help: innovation, best practice, raising finance and regional financial support.
Information can be obtained online at http://www.dti.gov.uk/regional/investment/page29183.html
Knowledge Transfer Networks
Open to all businesses that want to grow by exploiting technology.A grant to an intermediary to set up a network in a priority technology area, bringing together businesses, universities and others with an interest in technology applications.
Collaborative Research and Development (R&D)
Open to all UK-based businesses wishing to exploit technology.
Funding for collaborative R&D projects between businesses, universities and other potential collaborators.
Grant for Investigation an Innovative Idea
Open to Small businesses wishing to exploit an innovative idea.
Reimbursed consultancy to help businesses get advice on the steps needed to implement their ideas.
Knowledge Transfer Partnerships
Open to all businesses who heed expert help to innovate.
A grant to cover part of the cost of using a person to transfer and embed knowledge into a business from the UK knowledge base via a strategic project.
Access to Best Business Practice
Open to all businesses wishing to find out how to improve their performance through better ways of working
Materials on best practice, networking events, organized visits to businesses successfully implementing best practice.
Support to Implement Best Business Practice
Available to Small businesses wanting practical help in implementing best practice. (Also open to larger firms for certain projects).
A free diagnostic run by a Business Link adviser, with subsidized consultancy for selected projects.
Business Rates Deferral Scheme
The following pdfs explain how to access this scheme which came into effect in April 2009.
Adviser Briefing
Adviser Q&A
Notes on grant assistance schemes
Grants and Loans are normally only available as a means of filling a funding gap or as a way of improving the investment rate of return. Remember it may be possible to combine one or more grants or loan schemes to help make up a funding package to support your business project. All project assistance has to comply with European State aid Rules (see below)
State Aid Rules
European State Aid Rules often limit the amount of grant aid that can be made available. For companies employing fewer than 50 people the State Aid Rules limit the amount of grant aid payable to no more than 35% of project costs, for businesses with 50-249 employees the limit is 25% and 15% for companies employing more than 250 people.
