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Small Firms - Grants & Business Support

Small Business Funding support has at its core the following grant schemes in England, Wales and Scotland.

Small and Medium-sized Enterprises (SMEs) can attract higher levels of assistance than large companies.

Definitions: Small Enterprises

The business must employ fewer than 50 people and either

* Have a turnover of less than €10m (£6.7m) or
* Have a balance sheet total (net assets) of less than €10m (£6.7m)

Definitions: Medium-sized Enterprises

The business must employ fewer than 250 people and either

* Have a turnover of less than €50m (£34m) or
* Have a balance sheet total (net assets) of less than €43m (£29m)

All of the business' partner and linked enterprises must be taken into account.

A partner enterprise occurs when the business holds 25% or more but no more than 50% of the shareholding/voting capital of another enterprise or 25% or more but no more than 50% of the shareholding/voting rights are held by another enterprise. In such circumstances, the relevant percentage share of the other enterprise(s) data must be included in the SME calculation.

A linked enterprise occurs where the business holds more than 50% of the shareholding/voting capital of another enterprise or more than 50% of the shareholding/voting rights are held by another enterprise. In such circumstances, all of the other enterprise(s) data must be included in the SME calculation.

AVAILABLE GRANT AID

SFI (Selective Finance for Investment)
grants are available for capital expenditure projects undertaken by small companies within the designated Tier 1, Tier 2 and Tier 3 Areas of England.

AIG (Assembly Investment Grant) grants are available for capital expenditure projects undertaken by small companies within all Areas of Wales.

IFG (Investment For Growth) grants are available for capital expenditure projects undertaken by small companies within the designated Tier 1, Tier 2 and Tier 3 Areas of Scotland.

These are intended as the alternative to SFI for small projects in Walesd and Scotland, but which replaced EGS in England (Details here for Information only) with a minimised application processing requirement, but as launched most would be applicants have been nevertheless put off by the requirement to show that without grant the projected expenditure will not go ahead.


For larger capital investment project (over £500K)in Wales or Scotland see RSA. (Or Selective Finance for Invstment SFI in England)

SMART grants will provide the starting point for the Entrepreneur seeking funding assistance for Innovation.

Small Business Support (SBS) is the new name for Business Links which are in the process of being converted into Small Business Support (SBS) units, and as part of this reorganisation will focus in future additionally on providing funding support directly to small businesses by becoming the administrator and deliverer of the above grant schemes.

However in many areas the SBS will continue to be known as Business Links since the decision to rename is discretionary on the individual unit.

GRA would advise all small firms that their local Business Link or SBS is the best starting point for helpful information, and encourage a careful approach in the first instance when seeking funding or other Business Advice.

 

News for Small Firms (6)

IN THE NEWS




Scottish Enterprise Overhauled

During a statement to the Scottish parliament, Cabinet Secretary for Finance and Sustainable Growth, John Swinney said that re-energised enterprise networks will be the firm foundation on which increased, sustainable economic growth is built in Scotland.

The changes would make Scottish Enterprise (SEn) and Highlands and Islands Enterprise (HIE) - More clearly focused on the goal of delivering sustainable economic growth; and more responsive to the needs of businesses and the Scottish economy as a whole.

The proposals also include the transfer into SEn - initially on a joint venture basis - of the business and innovation grant functions, such as Regional Selective Assistance, currently delivered by the Scottish Government



GRANT for Business Investment

From 1stOctober 2008, Grant for Business Investment (GBI) is the new name for Selective Finance for Investment (SFI), which in 2004 replaced both RSA and the EGS grant schemes in the Tier 1, Tier 2 and Tier 3 areas of England. This followed a long period of review of the RSA and EGS effect on Investment, and SFI was structured so as to provide funding assistance and greater incentives to modernise and increase productivity.

Regional Selective Assistance

The existing schemes remain in place in Wales and Scotland under the RSA name - essentially though application assessment now takes on board the productivity and job skill values of the GBI scheme, and in Wales forms an element of the new Single Investment Fund (SIF).

ASK GRA for HELP

Interested companies intending to seek grants in the near future to support their investment intentions should approach us at GRA directly so that an individual FREE assessment of the additional conditions which will be applied to grant applications from now on, can be assessed against the applicant's individual potential case for grant. Initially this should be done by site registration, and then completion of an ask GRA form.

All such enquiries will be considered with complete client confidentiality as is usual in all dealings with GRA.

About GRA


'Catch 'em young' says DBERR

A new three-year strategy for small businesses was published just before Christmas (at the same time as the launch of the second Harry Potter film) aimed at giving every child an experience of enterprise by the time they leave school as a part of a new three-year strategy for small businesses.

Other aims announced at the same time by Martin Wyn Griffith, Chief Executive of the SBS, include an enhanced strategic role for the SBS, boosting the profile of Business Link and ensuring a better regulatory environment for small firms.


£70,000 profits for small firms

Small firms who have taken part in the SBS Benchmarking scheme have, on average, seen their profits on rise by a massive £70,000, a report has revealed
.


ON-line government dating service for SME's

A new on-line 'dating agency' enabling small firms and large companies to benefit from each other's resources was launched on 18th June 2002 by Small Business Minister Nigel Griffiths



20.11.08
© GRA 2004-8

 

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