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Stevenage Borough Council commissions local enterprise agency Wenta to deliver business advice and information services at the Business & Technology Centre.

Stevenage Borough Council provides business incubation and managed workshop facilities as well as small business support, at the Business & Technology Centre and Chells Enterprise Village. The Business & Technology Centre is a 4000sq.m. location specifically designed to provide a dynamic site for the growth of new businesses. The BTC team welcomes any questions you might have and may be contacted here.

For any other general queries about investing in Stevenage, or the support that the Stevenage Borough Council Economic Development Team can provide, please contact the council directly.

Financial Assistance/Grants

Stevenage Borough Council provides a small grant to new start up businesses in Stevenage. This is in the form of a test trade grant up to £500 for businesses to start up or try a new idea.

Other funding advice and support, including workshops and resources, is provided by Business Link. Funding available to small businesses is summarised in the Department for Business Innovation and Skills publication.

Loans

Loans for businesses in Stevenage are likely to originate from major banks such as HSBC, Barclays, Lloyds and similar. However, over £2 billion in funding is available through the EU and UK government in various loan and support schemes.

These programmes are primarily targeted at small and medium businesses, and the availability of such loans often depends on the particular circumstances of the business and the sector that they operate in. These include the Enterprise Finance Guarantee (EFG) and Enterprise Capital Funds (ECF).

Further information on access to finance is available at the Department for Business Innovation & Skills.

Incentives, Tax and Others

Generous Corporation Tax relief is available on qualifying research & development expenditure. Research and development costs are defined as “expenditure incurred in the development of scientific or technological knowledge that isn’t commonly available, or creating or improving a product, process or service”. Qualifying expenditure can include staff and sub-contract costs.

Currently, SMEs can claim 200% relief, increasing to 225% on 1 April 2012. Qualifying capital spending qualifies for 100% allowance. Relief can be obtained either as a deduction against income, or by way of a cash rebate where the company is making losses. The cash credit is currently 14% but will reduce to 12.5% on 1 April 2012. The current restriction on the cash rebate, to the amount of PAYE and NIC paid in the year, is due to be removed on 1 April 2012.

For more information please see http://www.artaius.com/pdf/researce_development.pdf

Venture & Equity Capital

The My Incubator service at the Business and Technology Centre in Stevenage provides support to businesses seeking equity capital. This often takes the form of entrepreneurs being placed in touch with local business angel networks and business mentors who can assist with the early stages of investment necessary to make a business grow.

More information on this service is available at the My Incubator website.

Recruitment Support

Various schemes are currently available for employers and individuals, designed to improve the labour force and support employers through the recruitment process. Details can be obtained from Job Centre Plus.

North Hertfordshire College also has many schemes aimed at helping employers and employees and have a number of new and innovative schemes e.g. Student Crew 

Apprenticeships can help make a company more effective, productive and competitive, also gaining workers trained in their own business.

Business Accommodation Assistance

At the Business & Technology Centre we also provide incubation space "My Incubator". This is a business incubation centre designed to support entrepreneurs and create successful businesses. Our aim is to help you get started and support you as you grow your business to achieve profit and success. We will work with you to ensure that you are ready to sell your product or service, raise money or procure investment. We will also connect you to other individuals and businesses with whom you can network.

My Incubator facilities are free of charge for 3 months to clients working with an advisor and include:

• Access to a hot desk with a PC, telephone and broadband
• A professional business address
• Ongoing advice and guidance from a dedicated advisor
• Bespoke business planning and project fund raising advice
• Networking opportunities
• A variety of in-house seminars and training

Mergers and Acquisitions

The Hertfordshire Chamber of Commerce operates a full diary of networking events in order to assist companies in communicating across sectors, and helping the business atmosphere of Stevenage and the surrounding area to take on a cooperative nature.

These events can be helpful for investors seeking partners in the local area, as well as providing a clear picture of the available businesses in the area and the potential opportunities that these businesses provide.