Business Grants

Selective Finance for Investment in England (SFI)
The South West Regional Development Agency's (SW RDA) Selective Finance for Investment in England (SFI) is aimed at businesses of all sizes looking to invest in assisted areas, of which Cornwall and the Isles of Scilly are included, that need a grant or a loan to take their vision forward. Depending on the size of the business, the maximum that can be applied for is 50 per cent of capital expenditure of a project, depending on a company's specific needs.

The scheme focuses support on high quality, innovative, knowledge-based projects that lead to long term improvements in productivity, skills and most importantly employment.

Projects which may be eligible for support include the launch of a new business, expansion of an existing company, introduction of new technology or the taking of a new product from its early stages right through to production.

Projects should provide positive benefits to both the regional and national economy and each application will have to meet certain criteria:

• Projects must be located in an assisted area
  
• Demonstrate a proven need for financial support
  
• Involve capital investment on fixed assets such as property or machinery
  
• Create new jobs or safeguard existing employment
  
• Projects should be viable, competitive and profitable  
  
• Projects should not be irrevocably committed prior to the application
  

Under SFI the minimum grant available is £10,000. Grants of up to £2 million will be appraised within the SW RDA. Any projects needing grants over £2 million will be appraised by the Department for Business, Enterprise and Regulatory Reform (formerly the DTI).

Projects are expected to equal or exceed the sector and national average productivity growth, measured on the basis of Gross Value Added per full time employee. The majority of jobs created are expected to be at NVQ Level 2 and above.
For more information contact the South West of England Regional Development Agency.

Business Support Services
The Department for Business, Enterprise and Regulatory Reform (BERR, formerly the DTI) also offers a number of funding routes designed to meet different stages of a business's development and growth. Grouped under the themes of innovation, best practice and raising finance, the funding reflects the areas in which your business may be most likely to need assistance. More information can be obtained from BERR and Business Link Devon and Cornwall.
 
How to apply
Full applications can sometimes be quite time consuming. To cut down the risk of wasted time and ensure the maximum chance of success we recommend that you put together a one page summary which briefly covers the following: company history, company structure, proposed project expenditure, current financial situation and plans/forecasts for the future including employment and growth.

We can then liaise with the funding bodies on your behalf to establish the next step.