SW grants re-open
The Grant for Business Investment (GBI) scheme has reopened to applications in the SouthWest after an announcement that they would close to new applications from 1st February.
The Grant for Business Investment is a discretionary grant that supports businesses with investment projects which will increase productivity, skills and employment. It is specifically targeted at those businesses with high skills and salaries that contribute above industry average benefits to the economy and does not support projects which offer a purely local consumer-type service, so should be aimed at innovative technology projects, although the focus seems to be more on capital equipment.
In the South West GBI grants are funded by the European Regional Development Fund (which is also backing the iNets), and the outgoing South West RDA has applied for and received its own State Aid notification enabling it to continue to receive applications for the time being. This is not the case anywhere else in the country, says SWRDA
“We have worked hard and very closely with the Department for BIS and the European Commission and the decision to reopen GBI is a real boost to the region and will be supported by many small and medium sized businesses throughout the South West,” said Richard Hoskin, SWRDA’s Business Investment Manager.
For most of the SouthWest outside Cornwall, applications are for 20% of the capital costs of the project for a small company (under 50 people) and 10% for a medium sized company (up to 250 people) and can range from £10,000 to £1m. Details are here.
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