Investing in Stoke-on-Trent & Staffordshire: Business Support

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Investing in Stoke-on-Trent & Staffordshire

Grant for Business Investment (GBI) has superseded Selective Finance for Investment, in England. It is financial assistance available to businesses in Assisted Areas in the UK, for investment in capital expenditure, and in our region it is run by Advantage West Midlands.

GBI is normally given in the form of a grant payable in instalments, on the achievement of capital expenditure and job creation or preservation targets appropriate to the project. The amount of assistance which can be provided by Advantage West Midlands ranges from £10,000 to £1,999,999. Applications above this have to be made directly to the Department for Business, Enterprise and Regulatory Reform (BERR).

The Assisted Areas map was changed in 2007. At the same time the limits on GBI as a percentage of eligible capital expenditure also changed (see box below). There has been a reduction in the Assisted Areas and the grant limits for large enterprises.

Financial Assistance/Grants

A project will be considered for the Grant for Business Investment (GBI) if:

It is located in an Assisted Area
The project requires GBI to make it happen, or without GBI the project would only go ahead on a smaller scale or within a longer timeframe
It involves capital expenditure
It creates new jobs or safeguards existing ones, which would otherwise be put at risk (this requirement can be waived for grants of less than £100,000)
A majority of the jobs created or safeguarded require qualifications of level 2 NVQ (or equivalent) or above
It will secure increased productivity
The business is viable and can become self sustaining within a reasonable timeframe (for example three years)
It generates regional and national benefits, in line with the West Midlands Economic Strategy
The bulk of the finance for the project will come from private sources (such as bank finance or retained earnings).

Loans

UK Steel Enterprise Scheme aims to support new and growing businesses in the form of a loan package up to £750,000 with a fixed interest rate and a typical repayment period of three to four years.
For more information visit the UK Steel Enterprise website.

Staffordshire Business Support Fund is administered by the Black Country Reinvestment Society, and was created to respond to the needs of local businesses that are experiencing difficulty in accessing finance from regular measures.

Businesses must show potential to make a positive contribution to the Staffordshire economy to be eligible for the loan, and the amount ranges from £10,000 to £50,000. For more information, see the Staffordshire Council website.

The Michelin Development Fund supports new and existing SME’s, (up to 250 employees), within North Staffordshire, that show potential to generate high quality, sustainable jobs.

For further information, please visit the Michelin Development website.

Venture & Equity Capital

UK Steel Enterprise also offers a share capital of up to £750,000, or up to 25% of the company equity.

For further information, please visit their website.

Business Accommodation Assistance

Instaffs offers a variety of tailored support services, totally free and confidential, to alleviate the relocation process.

These services include:

Advice on locations that suit your needs
Assistance identifying suitable property or sites
Providing access to our property database, which contains over 1,000 properties (either we’ll carry out a search for you, or you can use the online Property Search Facility.)
Arranging property viewings while maintaining your anonymity
Organising a familiarisation tour of the area for your senior staff
Informing companies of available grants and incentives
Offering assistance in the planning process through contact with the Local Authority planning team, and guidance through the application.