£8000 Grants for Innovation, Green Projects Capital Fixed Assets
and Business Motor Vehicles
The European Regional Development funding, announced in June 2014, has now been extended to include motor vehicles and the level of the grants has been increased. The funding is available to businesses located in the East of England region to recoup 40% of the cost of purchasing capital items with innovative or green credentials. Most capital projects by nature would fit the criteria of both aiming to improve efficiency and business results.
The funding is for capital items (fixed assets), may include more than one item and total expenditure must be between £2,500 and £20,000 (excluding VAT). The previous limit was £10,000. Capital items must be purchased in full to qualify and not on direct finance (indirect finance e.g. bank loan may still work). The application process consists of two forms and should take about four weeks for an application to be granted.
The Capital Fixed Assets may now also include applications for grants on business motor vehicles such as vans or lorries. Grants for motor vehicles can be a little more complex so it is recommended to consult with the Grant facilitators who will be able to advise on the best approach to application.
Knowledge Partnership Funding and Graduate Funding
The Anglia Ruskin University has also established a knowledge partnership scheme enabling part funded recruitment of a graduate to work on a specified 12 month business project. The knowledge partnership would allow the business to apply for larger funding to recoup 40% of £50,000 on a capital investment. Again, the project needs to be related to innovation or carbon reduction.
To be eligible the SME partner must
- be based in Essex, Suffolk, Cambridgeshire, Norfolk, Bedfordshire or Hertfordshire (head office address OR at least 75% of their economic activity is in the East of England)
- annual business turnover of less than 50 million Euros
- balance sheet less than 43 million Euros
- employ fewer than 249 people
- received no more than 200,000 euro state aid in the last three fiscal years
If you are interested in applying for funding, please contact Mark Wrigley, FCCA on 01733 372683 or email email@example.com