Funding & Support
Sheffield`s major grant schemes are administered by Yorkshire Forward. Creative Sheffield can offer advice on eligibility and recommend professional grant advisors to help prepare your application.
For projects where there is capital expenditure and/or job creation, Sheffield offers the highest potential level of grant assistance in England (up to 25% of eligible costs), through the Grant for Business Investment (GBI) scheme.
Research & Development Grants
Providing finance to individuals and SMEs in England, to research and develop technologically innovative products and processes. An SME can apply at any time for up to 60% of the cost of an R&D project, providing it can fund the balance itself.
Awarded to large companies in support of industrial research (50% of the project cost) and pre-competitive development projects (25% of the project cost), or a combination. The current £24.2m round of funding runs until 2013.
Creative Sheffield can link you into the local and regional funding support mechanisms, including corporate finance firms, specialist advisors and VC funds.
Specialist funds in this region include:
- South Yorkshire Investment Fund
- South Yorkshire Investment Fund provides seedcorn, loan, and equity-linked investments, ranging from £15k to £2.5m, specifically to help SMEs meet gaps in funding for development or acquisitions.
- Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
- Almost all sectors are eligible, and SYIF will look at capital expenditure, working capital, start-ups, expansions, MBOs & MBIs, acquisitions, mergers and turnarounds.
- SYIF work alongside other finance providers and can help put together a package to meet your needs.
- UK Steel Enterprise
See â€˜Equity` section for an overview, or for more information, visit the UK Steel Enterprise website.
Incentives, Tax and Others
Creative Sheffield can link you into local and regional funding support mechanisms including corporate finance firms and specialist tax advisors.
Tax Credits for Research & Development
The UK Government is keen to support research and development across the industrial base, and has developed tax incentive schemes to give relief against such costs, for businesses of all sizes.
The aim of the tax credits is to encourage greater R&D spending in order to promote investment in innovation.
The R&D tax credit works by allowing companies to deduct 175% (under the SME scheme) or 130% (under the large company scheme) of qualifying expenditure on R&D activities when calculating their profit for tax purposes.
Venture & Equity Capital
Creative Sheffield can link you into the local and regional funding support mechanisms to include corporate finance firms, specialist advisors and regional VC funds.
Specialist funds outside of the banking sector have a special focus on this region, including:
See â€˜Loans` section above for an overview.
UK Steel Enterprise Ltd (UKSE) is the wholly-owned subsidiary of Corus (Tata Steel Group) tasked with the responsibility of helping the economic regeneration of communities affected by changes in the steel industry, by supporting SMEs with premises and finance:
- Equity and/or loan finance for start-ups, expansions, acquisitions and buy-outs across many business sectors
- Share capital and share/loan packages up to £750,000 on individually negotiated terms
Small loans are generally unsecured. Secured loans are available up to £750,000.
UKSE may also be able to provide funding from the Enterprise Finance Guarantee Scheme (EFG).
In addition to the fully funded HR Consultancy service, detailed in the â€˜Other` section, Creative Sheffield can also facilitate access to the Train to Gain programme, aimed at helping businesses identify their skills needs and then source solutions in the form of advice, training and funding to address these needs.
The Yorkshire and Humber region is unique in having access to The Enhancement Fund, a £50million package to engage employers in developing and increasing the skills base of the region: qualifications up to Level 4 are eligible. Companies who fit the criteria are invited to apply for funding to support 60% of the cost of training & staff development, by providing a subsidy against the direct cost of staff training. Creative Sheffield can assist with identifying eligibility and making introductions to experienced brokers who will work with you to identify and plan development activity for the entire workforce.
Business Accommodation Assistance
Creative Sheffield maintains a comprehensive database of all available business property (offices and industrial) throughout the city, including, if relevant, sites available for development. We offer the services of a dedicated Enquiry Management Officer to assist with the identification of appropriate business property, the compilation of associated on costs and the facilitation of property visits and engagement with the relevant property agents/owners.
Creative Sheffield offers a unique, fully funded HR Consultancy service, delivered by CIPD (Chartered Institute of Personnel & Development) qualified, highly experienced individuals.
- Pre-Recruitment – wage rates, skills availability, qualifications, attraction strategies;
- Recruitment – Assistance with advertising, recruitment schemes and training programmes, apprenticeship/graduate schemes;
- Training and Development – Guidance on training and development planning, local training provision and information relating to training subsidies and funds;
- Post Recruitment Aftercare – sources of recruitment and training, retention strategies and succession planning.
A funded relocation support service www.relocate2sheffield.co.uk is also offered for the permanent or temporary relocation of key staff.
Key elements include:
- Group/individual presentation sessions.
- Familiarisation visits to Sheffield.
- Individual confidential consultations.
- Home searches.
- Identification of appropriate pre-school and school provision, support in obtaining school places.
- Assistance in identifying job opportunities for partners.
- Advice and support on financial, legal and practical aspects of relocating.