| Small and medium sized
businesses in England are set to benefit
from £95 million in government investment.
The government funding, announced on 10
November will support small and
medium-sized enterprises (SMEs)
considering investing in new capital
assets. The government expects the funding
to unlock around £500 million of new
investment and create at least 4,000 jobs.
The money forms part of the
government’s £1.4 billion Regional Growth
Fund, which supports projects that can
create jobs, are based in areas dependent
on the public sector and are supported by
private sector investment.
The new scheme will provide grants
designed to support SMEs considering
investment in new capital assets and
creating new employment but which have
been unable to secure commercial funding
for their projects.
Business Minister Mark Prisk said:
“These schemes will directly help SMEs
that want to invest and create new jobs.
They will deliver a shot in the arm to
local communities and help small
businesses drive local growth.”
RBS, NatWest and HSBC have agreed to
facilitate the distribution of the £95
million. To qualify for the scheme run by
NatWest and RBS, SMEs need a turnover of
less than £25 million. To qualify for the
HSBC scheme the SME will need a turnover
of less than 50 million euros.
SMEs can qualify for a grant if they
are going to invest in new capital assets,
such as plant and machinery, and create
new jobs but cannot get normal bank
finance. Grants of up to £500,000 will be
awarded alongside the award of a new bank
loan on commercial terms.
LINKS:
Regional Growth Fund information
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