Funding Assistance For Businesses Within The Yorkshire Region - Yorkshire Business Grants

In addition to raising business funding, we also specialise in obtaining business grants and other assistance for our clients. The following is a summary of the main schemes currently available in the Yorkshire region. Please note, that we update this section regularly to ensure that all schemes are current.

'Growth Out of Recession' Programme

• Strategic review and implementation plan for businesses committed to growth & employment creation.
• Established businesses (normally 3+ years) and 5 or more employees
• All industries in the Yorkshire region.
• £3,000 fully funded by Business Link

BusinessLink High Growth Grants

Grants are available for

• Businesses employing 5 full time employees within 12 months
• Pre-start businesses included (3 months prior to trading)
• Businesses anywhere within the Yorkshire region (now including retail)
• Funding up to £5,000 (£2K fully funded; matched funding over this amount)
• Covering consultancy fees re business planning, mentoring, funding, marketing, personnel etc.

Financial Health Check

Businesses with five or more employees/direct associates are likely to be eligible for this service which, in essence, provides a thorough financial business review and advice on funding options.

This service has a value of £1,500 plus VAT which is fully funded by Business Link.

Rural Enterprise Grants

The following is a summary of the three grant schemes currently available via BusinessLink / Yorkshire Forward:

1. Rural Retail Grant

• For rural shops, pubs, cafe's etc
• Grants of up to 70%
• Max grant - £10K (may have been increased recently)
• For capital expenditure
• Support diversification/employment creation

2. Rural Business Support Programme (RBSP)

• Grants of up to 50%
• Max grant - £25K
• For starting up new businesses (could be 'new' in established business)
• Aims to stimulate enterprise
• Simpler application process
• Mentors and other forms of business support will be encouraged to accompany the start up grant

3. Rural Enterprise Investment Programme (REIP)

Available for Micro Business creation and development (where a micro business is less than 10 employees)

• Min - £25K and Max - £150K
• Up to 50%
• More complicated to apply for
• Spending can be spread over 3 years
• 4/6 months lead in time for approval
• Can be used for a number of purposes, including Capital Expenditure and Asset purchase

available with the sole aim of:

“improving the competitiveness of agricultural and forestry and encouraging the development and diversification of economic activity in key rural sectors.”

To this end, all proposals (which need to be very comprehensive) must demonstrate one or more of the following key attributes:

• -Promote innovation
• -Be located within a 'rural' postcode
• -Demonstrate good / high growth potentia
• -Promote collaborative actions between businesses and through supply chains
• -Deliver multiplier effects, such as wider public 'goods' and benefits
• -Provide high quality employment opportunities
• -Develop a skilled and adaptable rural workforce

Grants for Business Investment (GBI)

• Available for businesses of all sizes for projects in assisted areas
• Most manufacturing & service industries qualify - Must supply a national market
• Available for business looking to:
  • Expand, modernise or reorganise an existing business
  • Upgrade a business by introducing technological or other innovative improvements into the business process
  • Enable a business to take the step from development to production.
• Successful applicants typically receive around 15% of a project's total eligible capital expenditure, but this can vary widely. Higher aid ceilings might be available for projects carried out by small to medium-sized businesses.
• Amounts up to £2M are considered locally (higher amounts by BERR in London)

Research & Development Grants

There are a range of grants available from Yorkshire Forward as follows:

Export Funding

Offers grant support of around £5,000 (to be matched by the applicant) to help companies with anything from identifying and visiting potential markets to modifying their websites for international customers.

Other Smaller Schemes

Leadership & Management Fund

• Available for training & development - could be used for 'training' on funding, IT, marketing, general help & advice etc
• First £500 fully funded then further £1,000 match funded.

Innovation Fund

• Available from Yorkshire Fwd
• Designed to assist with design of new systems etc - 50% of cost

Bradford University

£3K (100%) available to provide technical help & support by uni prof etc for design, innovation etc.

Partnership Investment Finance (PIF) & South Yorks Investment Fund (SYIF)

PIF & SYIF provide provide loans & equity funding for SME's unable to raise monies from traditional sources. They are a commercial fund targeted to provide a return to its investors and is looking to support businesses and proposals that are considered to be commercially viable.

Eligible Businesses:

• The business needs to be located within the Yorkshire, Humberside & Lincolnshire areas.
• Within that the business needs to be an 'eligible area' (please contact RedSky for clarification).
• The business needs to be trading with other businesses ie B2B & not to the public (retail, agriculture, property development excluded)

Loan Terms:

• Min. - £5K; max. - £100K
• Term up to 5 years
• Arrangement fee up to 1% & annual monitoring fee up to 1%
• Monthly repayments with capital repayment holiday considered for 3-6 months
• Interest rate currently - 12% fixed