Possible sources of funding for business January 2012

Regional Growth Fund


A £1 billion boost to the Regional Growth Fund was announced in the Chancellor’s Autumn Statement. That there will be at least two further rounds of bidding, with the next round opening during February 2012. The focus of the fund is creating jobs, encouraging private investment and supporting areas dependent on the public sector.

More information about the fund and details of previously successful projects can be found here: http://nds.coi.gov.uk/content/Detail.aspx?ReleaseID=422350&NewsAreaID=2

We anticipate details of how to apply for the funding and application forms will be available via this site in due course http://www.bis.gov.uk/policies/economic-development/regional-growth-fund

Business Angels co fund

This is a successful project from a previous round of the Regional Growth Fund. The British Business Angels Association (BBAA) is the national trade association dedicated to promoting angel investing and supporting early stage investment in the UK. BBAA works to create an ecosystem to help support the industry through bringing together angel networks, private investors, early stage funds and professional advisors.

The fund aims to support long-term, high quality jobs in growing companies. The fund is able to make initial equity investments of between £100K and £1M in to SMEs alongside syndicates of business angels, subject to certain geographical restrictions and an upper limit of 49% of any investment round.

The fund is not open to direct approaches from individual businesses and those seeking investment should first secure the interest of the business angel syndicate or network. Businesses seeking investment can find more information on business angels, syndicates and networks from the British Business Angels Association website http://www.bbaa.org.uk/

Information about the fund itself can be found here: http://www.angelcofund.co.uk/

Grant for Business Investment

Grant for Business Investment offers grant support for sustainable business investment and job creation projects in South West England.

The scheme focuses support on high-quality, innovative, knowledge-based projects that lead to long-term improvements in productivity, skills and employment. The majority of jobs created are expected to be at NVQ Level 2 and above. Projects such as launching a new business, expanding existing companies, introducing new technology into manufacturing or taking a new product into production will be eligible for support.

http://www.communities.gov.uk/regeneration/regenerationfunding/europeanregionaldevelopment/cornwallscilly/applyingforfunding/grantbusinessinvestment/

For more information contact the Department for Communities and Local Government Business Investment Team on 0303 444 6575.

Apprenticeships

National Apprenticeships Service website including how to take on an apprentice and what you will get paid for doing so http://www.apprenticeships.org.uk/

You might also be interested in this commons Library standard note which outlines Government Policy around apprenticeships http://www.parliament.uk/briefing-papers/SN03052

Manufacturing

The new Manufacturing Advisory Service (MAS) is now available to all manufacturing businesses across England. “The new Manufacturing Advisory Service will play a key role, providing tailored advice to businesses helping them to grow and thrive, with a specific focus on helping SMEs improve competitiveness and unlock their growth potential.” If you would like to find out more you can visit http://www.mymas.org/
or  call an advisor on 0845 658 9600.

Small manufacturing businesses will also have access to a new initiative recently announced by the Government to improve the global competitiveness of UK advanced manufacturing supply chains. The up to £125 million fund will cover the whole of England and will help to support the UK supply chain, encourage new suppliers to invest in the UK and support economic growth. The Advanced Manufacturing Supply Chain Initiative aims to help existing UK supply chains grow and achieve world class standards while encouraging major new suppliers to come and manufacture here.

The new fund will support innovative projects in established UK advanced manufacturing sectors such as aerospace, automotive and chemicals. It will also target newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors. Information on how to apply will be via this website http://www.innovateuk.org/content/competition-announcements/advanced-manufacturing-supply-chain-initiative.ashx

Get Britain Building Fund

This is a £420M fund to unlock stalled sites and get Britain building again in 2012

Developers will be able to apply for a share of the funding, whether as a loan at commercial rates or as an equity investment - where the Government invests alongside the developer.

The amount individual developers receive from the fund will be no more than 50 per cent of a project's total costs and all projects must restart on site by December next year.

All homes funded through Get Britain Building must be completed by December 2014 - so developers applying for the funding must also have sites with outline planning permission, and the support of the local council.

Information on how to apply for the funding can be found here: http://www.homesandcommunities.co.uk/get-britain-building

Growth and Innovation Fund

The government has launched the second Growth and Innovation Fund that enables businesses to bid for grants in order to train and develop staff members. The Fund has £60 million to invest in 2012-13 and similar amounts in the follow two future years

Apply here: http://skillsfundingagency.bis.gov.uk/employers/growth-innovation-fund/


Mid-sized businesses (MSBs)

The Government has just launched a new campaign to support and raise the profile of mid-sized businesses and help them grow into tomorrow’s success stories.

The exact details of this programme of activity are not yet available. More information can be found in this press release: http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=422755&SubjectId=2

Setting up a mutual

If you have an idea for setting up a mutual and need further assistance in developing it, or just want to know more about the process of becoming a public service mutual look here http://mutuals.cabinetoffice.gov.uk/