Midlands businesses who are unsure about how to access Government grants have received a step-by-step guide.
Sophie Thompson, Strategic Project Manager at the Black Country Consortium, briefed business leaders at a Manufacturing Business Network event led by the Midlands office of national audit tax and advisory firm Crowe Clark Whitehill.
Ms Thompson explained the recently released Key Funding Factsheet developed by the Black Country Local Enterprise Partnership’s Access to Finance Group and drawn up at the request of Johnathan Dudley, Midlands managing partner and Head of Manufacturing Business at Crowe Clark Whitehill. Both are members of the Access to Finance Group.
It provides an insight into how companies should go about making the various schemes fit what they plan to do, and what they need to do to apply.
“Businesses frequently struggle to get their heads round the many grant and loan schemes that exist and the paperwork required to succeed,” noted Mr Dudley.
“Many complain that it can be all too much and distracts tightly-run SMEs from their real task of creating wealth and jobs. This was a chance to hear first-hand about the opportunities available, and how to avoid headaches and hiccups. I believe those who attended got an awful lot out of it.”
Ms Thompson said: “The Factsheet is essentially a flow chart which brings business to life and highlights the routes to finance. It is a great time to apply.”
This can be done by completing an ‘expression of interest’ form and the LEP will do the rest. Alternatively, it can be done by phone.
Ms Thompson said companies were allowed to apply for aid amounting to between 15 per cent and 35 per cent of the cost of a project or piece of equipment dependent on size and location.
She advised applicants to go only what they need and not the maximum grant, be careful to address the objectives specified, produce a medium to long term plan, add market research into company forecasts and ensure job creation numbers are accurate.
Outputs, she emphasised, would be monitored.
“You will need a dedicated resource to complete the application form,” stressed Ms Thompson. “Due diligence takes time and there can be no certainty – there is always a delay in getting approval. It is hard work, but worth it.”
Two of the main types of funding available are the Regional Growth Fund (RGF) – aimed at creating jobs. Government money but business also expected to invest. Administered by Sandwell Council, by the end of this year or early next year another round of funding will be available from a pot of £4 million.
And the Green Shoots Fund – grants of £10,000 to £50,000 available for Dudley, Sandwell, Walsall and Wolverhampton. Very similar to the RGF but at a smaller level.
Others, offering various differing amounts of grants and loans include AMSCI – companies need to be in the automotive or aerospace industry; Green Bridge, Black Country Gold, Black Country Enterprise Fund, Black Country Business Property Investment programme available for property purchase, and Steel Enterprises.