The South West Growth Fund is now taking applications for small business grants. The fund of £8.7m is a constituent part of the South West Growth Programme, a £10m allocation from the Government’s Regional Growth Fund (RGF) introduced to rebalance the UK economy away from over reliance on the public sector.
Key information:
- There is £8.7M worth of funding to distribute
- Open to SMEs (and larger businesses in assisted areas)
- Available across Cornwall, Devon, Somerset, Dorset, Bristol, Gloucestershire, Wiltshire
- (including Unitary Authorities)
- Mainly capital projects intended to achieve business growth
- Grants from £15,000 minimum to £999,999 maximum per case
- GBER (General Block Exemption Regulations - State Aid) rules will apply by default.
- Projects must complete and have spent (defrayed) by end March 2017
- Job creation is key – 1 job per £8k of grant typical
- Industry sector exclusions will apply (see grant prospectus and guidance notes for more details)
- Typical grant contribution (intervention) rate 20%
- This may range from 10%-45% depending on area and size of business
- Businesses must not be in difficulty
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