• Incentives

Incentives

Staffordshire Business Support Fund

The Staffordshire Business Support Fund was specifically designed to meet the needs of local businesses, for whom business finance can sometimes be a problem. Lack of track record, unreasonable security arrangements, past financial problems or simply not meeting conventional credit scoring methods can all hinder the process.

The Fund is administered for Staffordshire County Council by the Black Country Reinvestment Society, a mutual organisation owned and run by members. The fund’s purpose is to provide access to finance to enable local businesses to grow and prosper.
Rather than face impersonal computerised credit scoring, applicants will be able to meet and talk to one of the Business Development Managers to develop the loan application.

Loans are available to businesses who can make a positive contribution to the social, environmental or economic well being of Staffordshire. The loans are made to any form of business, from Sole Trader to Limited Company, provided the business is located within Staffordshire.

The loan period will vary on a case by case basis. Should it be for a capital asset, the loan will be for less than the useful life of that asset. Should it be for a revenue item e.g. to assist with cash flow, then every effort will be made to structure loan repayment within the projected cash generation of the business.

Each loan is judged on its own merit; there is no specific amount that the applicant is expected to put into the project. Although security on the loan is taken wherever possible, some loans may be made without security.

The minimum loan available is £10,000. The maximum is £50,000. Unfortunately, certain sectors are ineligible for the fund; these include retail shops and property developers.

To apply call 0845 313 8410
http://www.bcrs.org.uk/

 

Michelin Development Fund

The Michelin Development Fund supports new and existing businesses, up to 250 employees, within North Staffordshire. Its aim is to support projects that can demonstrate the potential to create high quality, sustainable jobs.

There are two sources of support available:

  • Financial support, in the form of unsecured loans from £5,000 at the Bank of England Base rate. Although not sector specific, priority will be given to the manufacturing sector, IT, environmental technology and design/development.
  • Advice and expertise is available, free of charge, from Michelin’s considerable company resources. Areas may include, for example, Industrial Engineering, Design, IT, Personnel, Quality, Health and Safety.

For further information, please call 0800 056 2007.
www.michelindevelopment.co.uk/

 

UK Steel Enterprise

As a former steel industry area, the UK Steel Enterprise Scheme (link) operates within Stoke-on-Trent. UK Steel enterprise is primarily a regeneration body that aims to make it as simple as possible for new and growing businesses to realise their ambitions.

The scheme offers

  • Share capital, up to £750,000, or a maximum of 25% of company equity.
  • Loan packages, up to £750,000 with a typical 3-4 year repayment period at a fixed interest rate. Smaller loans are often unsecured.

All packages are individually negotiated for each investment. For further information contact 0114 2700933. www.uksteelenterprise.co.uk

 

Grant for Business Investment (GBI)

Grant for Business Investment (GBI) has now been withdrawn.