GRANT FOR BUSINESS INVESTMENT

As part of the UK Government’s Business Simplification Support Programme, the grant previously known as Selective Finance for Investment in England is re-launched as the Grant for Business Investment. This is effective as at October 2008.

Full details of the grant and the Simplification process can be found on the Finance South East and BERR websites – following the links at the bottom of this page.
The new product portfolio will be introduced over time, to be completed by 2010.

The revised grant aims to help business invest in capital equipment and technology to achieve gains in productivity, sustainable growth and skilled jobs.
The Grant remains discretionary, and a business can apply either for a capital investment grant, or a job grant.

The grant rate will be up to 20% for small companies, and 10% for medium sized companies. The grant is open to businesses in Hastings and Rother, including Bexhill on Sea, as well as to all other areas in East Sussex.

Eligible costs which can be included in a grant application include:

• capital equipment and technology;
• refurbishment of premises;
• some lease or mortgage interest costs;
• additional assistance for start up businesses owned and actively managed by female entrepreneurs incurred during the first 5 years of the creation of the company.
• 2 years wage costs of some skilled jobs created as a result of an investment project.

Key conditions remain:

• No prior commitment should be made for any investment for which grant aid is sought;
• The applicant company should show a Regional and National Benefit, so “local service providers” are unlikely to have a strong chance of success in their application.
• All applications are assessed for project quality and value for money;
• All applications are at the discretion of Finance South East;
• Grants are paid in arrears, and in instalments.

The minimum grant is £10,000, which requires a minimum eligible investment of £50,000.

Ten Sixty Six Enterprise will act to help facilitate the application process from initial discussion to final grant agreement, and then to the claim.

For an individual, confidential discussion regarding eligibility please contact Jeremy Green on 01424 205503, or mail Jeremy.green@1066enterprise.co.uk

Further information can be found on the Finance South East website: www.financesoutheast.com and also from the Department of Business Enterprise and Regulatory Reform (DBERR), www.berr.gov.uk