Invest in Cornwall - Funding & Support
Investing in Cornwall?
See what support is available...
Cornwall provides businesses with a comprehensive range of support services to help them get to know the area and manage relocation or set-up – as well as access Tier 1 EU funding, the highest level available.
Cornwall is in a unique position to assist eligible businesses through the Grant for Business Investment. Due to Convergence Funding, businesses in Cornwall, that are entitled to grant funding, will receive more in Cornwall than other locations in Britain. Grants and funding are particularly targeted towards small and medium enterprises employing less than fifty people, who are eligible for great amounts of funding support. Enquiries should be directed towards Invest in Cornwall.
Financial Assistance/Grants
Grant for Business Investment (GBI)
While this grant is available across England, operated by the SWRDA, Cornwall (Tier 1) is in the unique position of having access to European funding, therefore businesses based in the county are able to apply for larger sums of funding than is available elsewhere in the UK.
GBI is available to businesses of any size, subject to meeting eligibility criteria, up to a maximum of 30% of capital expenditure. In Tier 1 there is additional funding available for medium enterprises, who may apply for up to 40%, and small businesses, who can apply for up to 50%.
Applicants can be companies, partnerships or sole traders. Start-up businesses may also be eligible, as well as most manufacturing business. The following sectors are particularly encouraged to apply: advanced engineering (including aerospace); food and drink; ICT; leisure and tourism; marine; biotechnology; creative industries and environmental technologies.
Loans
South West Loans Fund
The South West Loans Fund is designed to support viable growth businesses in South West England that have been unable to secure finance from conventional sources. The fund will provide loans of up to £250,000 on fully commercial terms. (Please note this fund can work alongside other sources of funding such as GBI etc.)
The £10 million fund has been established jointly by the South West of England Regional Development Agency, the Cornwall and the Isles of Scilly Convergence Operational Programme ERDF 2007-2013, and the South West of England, excluding Cornwall and the Isles of Scilly, Competitiveness and Employment Programme ERDF 2007-2013.
Finance available:
The Fund offers two loan products:
- Finance for Business - Loans of up to £250,000
- Small Loans for Business - Loans of up to £50,000
Incentives, Tax and Others
Invest in Cornwall is sympathetic towards the needs of foreign investors when it comes to doing business in a new country. The tax system in particular can be confusing, and therefore one of the potential Soft Landing benefits when investment deals are struck is £2,000 towards professional service fees – to ensure that investors operate within tax and labour laws.
Further information on the Soft Landing package and other potential incentives towards choosing Cornwall as a place to do business is available on the Invest in Cornwall website.
Recruitment Support
Unlocking Cornish Potential
The Unlocking Cornish Potential graduate placement scheme provides subsidised help for businesses looking to take the next step in their development without the risks and full costs of taking on permanent employees.
The European Social Fund
The European Social Fund (ESF) was set up to improve employment opportunities in the European Union and so help raise standards of living. It aims to help people fulfil their potential by giving them better skills and better job prospects. ESF funds are distributed through 'Co-financing Organisations' (CFOs). CFOs are public bodies which bring together ESF and domestic funding for employment and skills so that ESF complements national programmes. The Learning and Skills Council and the Department for Work and Pensions Delivery Directorate are CFOs in every region of England. There are a number of initiatives that provide training and skill development.
Business Accommodation Assistance
Gap Funding
Gap funding will be available for employment space projects, which can demonstrate their ability outputs that link to the objectives and priorities under the relevant Strategic Investment Framework (SIF), and which represent value for money. In principle, employment space projects funded through Convergence should be developments with appropriately high environmental design standards and focussed, in particular, on knowledge based and/or high value added users. The emphasis is likely to be on office based accommodation although industrial projects with an ability to accommodate high office content and with high environmental and design standards will also be considered. Warehousing and distribution are ineligible.
Mergers and Acquisitions
Partner to Succeed
The Partner to Succeed programme was created in order to foster collaboration and partnership between businesses located in Cornwall.
In order to help promote the collaboration of Cornish businesses, the project is empowered to provide up to £1,500 of support towards market research, website development, marketing support, legal advice or other areas vital to the success of the collaboration.
Further information regarding the Partner to Succeed programme is available here.
Other
Once you've made the move
We believe that understanding and meeting business needs doesn't stop at the point of relocation. Therefore, we continue to provide support to your business when you are set up in the county. This can include:
- Marketing services - launching new business to the county through local media, business magazines and local press
- Ad hoc national press activity, promoting Cornwall as a great business destination through highlighting successful businesses in the county
- Networking support - guidance through the various business networks
- Checking how the business is developing and identify areas for further work or support
More information about the support you'll receive whilst investing in Cornwall...
