Are you receiving your share of government funding?
As a business owner, are you aware that there is a range of government financial assistance available for companies of all sizes in the UK? Lambert Smith Hampton’s guide to government funding for businesses says that while the lack of funding from traditional sources may be holding some companies back from expansion or relocation projects, government funding is available for private-sector organisations and public/private partnerships through the Regional Growth Fund, Grant for Business Investment, Advanced Manufacturing Supply Chain Initiative and the new Enterprise Zones.
Any business of any size can apply to the £2.4bn Regional Growth Fund for a grant. The fund, set up in 2010, has already allocated two rounds of £1.3bn of funding and the application process for the third round has just finished – but LSH expects additional rounds of further funding to be provided. The minimum bid threshold is £1m, but companies can apply as part of a consortium and for a single project or group of projects. LSH says it is not the case that the criteria involved – which include regions with high unemployment, a high proportion of public-sector employment, and relatively low private-sector job growth – mean that RGF funding is confined to the north of England. It says areas including Bristol, Southampton, Portsmouth and Plymouth in the south of England are among the areas where applications would be viewed favourably under the criteria.
Grants for Business Investment are for large-scale projects where funding of more than £2m is sought. They can only be used in certain areas, where the project concerned would help to avoid a downturn in the job market in that region. The Advanced Manufacturing Supply Chain Initiative is a new £125m fund set up to support projects in the advanced manufacturing sector and is open to all businesses in England including small and medium-sized enterprises. It is administered by Birmingham City Council and the Technology Strategy Board.
The government recently announced the creation of 24 Enterprise Zones, areas in which incentives and support are used to encourage jobs growth and new businesses. These include a five-year discount on business rates, simplified planning, support for superfast broadband, and in some cases 100% first-year capital allowances for plant and machinery.
