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SME News |
Regional Development Agency allocation for 2009-10
Thursday 28th May 2009
RDAs in England are allocated £2.24 billion for the year 2009-10. They will in addition be managing the European Regional Development Fund, and the Rural Development Programme for England (RDPE) both of these programmes running from 2007 until 2013 and amounting to £9 Billion.
Technology Fund Launches for the West Midlands
Wednesday 21st March 2007
The Mercia Technology Seed Fund, a £12.8 million fund which will invest in young technology based ventures in the West Midlands region, was officially launched today.
The fund will typically invest between £50k and £250k, with the potential to invest up to £750k, in companies with high growth prospects that have a robust and developed product and are based on patent protected technology.
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SMEs are the core of our business and the backbone of the British economy. The Department for Business Enterprise and Regulatory Reform (BERR) published on 30th July 2008 the Small and Medium – sized Enterprise (SME) Statistics for the UK 2007.
There were an estimated 4.7 million private sector business enterprises in the UK at the start of 2007.
This compares with an estimated 4.0 million business enterprises in the UK at the start of 2003, and is now at the highest level since these results were first recorded in 1994.
 Almost all of these enterprises (99.9 per cent) were small (0 to 49 employees). Only 26,000 (0.6 per cent) were medium – sized (50 to 249 employees) and 6,000 (0.1 per cent) were large (250 or more employees).
We have extensive experience of the SME sector and fully appreciate the demands on owners, directors and senior managers. With this in mind, we have structured our services and methodology to take account of limited time scales and fast-changing environments.
Contrary to popular belief the UK and indeed EU grant systems are geared very much to benefit small and medium sized enterprises, but the current bureaucratic and cumbersome administrative process often makes it difficult for firms to take full advantage of the grants available with out expert help.
There is a large number of grants and assistance available for small and medium businesses - certainly too many to list here. However, the following will give an indication of some of the schemes available in England, Scotland and Wales:
Grant for Business Investment (GBI) England
The GBI, announced early in 2009 replaced the SFI grant, and is available for capital expenditure projects and structured so as to provide funding assistance and greater incentives to modernise and increase productivity.
R&D Grants England
Research and Development Grants are available to companies to assist in both Research into new processes or technology, at 60% of the project costs, and for trhe Development costs of new Products or Processes at 35% of the Project cost. Prtoof ofConcept Grants are also available.
Regional Selective Assistance Grants (Scotland and Wales)
Regional Selective Assistance grants (RSA) are available for capital expenditure projects taking place with Scotland in Tier 1 and Tier 2 Areas, and which will create and/or safeguard jobs. Grants from £10,000 upwards, and running into millions are possible since there is no maximum stipulated by the RSA scheme e.g. £15 million to Rolls Royce in Renfrewshire in 2002.
Investment for Growth
Investment for Growth (IFG) is now replaced by a streamlined RSA scheme for smaller projects from £10,000 up to £250,000 in grant size, with an alternative of job creation evaluation to assist projects are low on capital expenditure but still create worthwhile jobs and offering improved support for Research and Development and commercialisation projects.
Innovation Grants
Innovation Grants including such schemes as SMART, SPUR and SPURplus, are now being managed by the Scottish Executive. The grants range from £5,000 for a Technology study, and can go up to £15,000 for SMEs who contemplate undertaking development projects, A small number of exceptional high-cost projects may attract grants of up to £450,000.
Assembly Investment Grant, Wales
Assembly Investment Grant (AIG) is available for capital expenditure projects undertaken by small and medium companies throughout Wales. It is limited to a maximum award of £50,000, but is not job creation dependant.
AIF and IFG are intended as the alternative to RSA for small projects with a minimal application processing requirement.
And so the list goes on. But don’t waste your time searching through the maze. Give us a call today on 0845 686 8960 or email us at
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, and start the process the smart way. We’ll undertake the whole process from start to finish.
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