East Midlands firms, particularly SMEs, could be missing out on vital grants to help fund their growth, business advisers at international accountancy firm Mazars are warning.
Alistair Wesson, Mazars’ East Midlands managing partner, said: “There is a wide range of grants available for a number of sectors, with different criteria to be met in each case.
“On first sight, it looks a bit of a minefield and we feel that this is proving offputting to a number of businesses, particularly those smaller ones where the owner/manager tends to be very hands-on on a day to day basis.
“But there is money available out there that could make a significant difference both to how you fund your growth plans, and ultimately the worth of your business when you come to retire.
“Some of these funds are limited by time, some by amount available, so there is a strong feeling of ‘Buy now while stocks last’!” he said.
Mazars has specialist teams specifically established to help their clients grow and hence has built a strong working knowledge of what is available and also the right route to grants.
“It is not just a question of being aware what is available, it is also about making sure you apply in the right way. That you understand both the relevance and the importance in the future of the questions you are asked and the answers you give,” said Mr Wesson.
There is currently grant funding available in England to private companies, particularly SMEs and those who are looking to undertake a capital project of some size, through the Regional Growth Fund (RGF).
There are many small grant schemes, funded by RGF, which are running (predominantly in the Local Economic Partnership (LEP) areas).
Mr Wesson said: “Some of the criteria to consider when looking to see if your business could access some of these funds include the following.”
Are you looking to undertake a capital project such as a new build, an extension, expansion or acquiring substantial machinery? NB – not repairs or replacement of existing buildings or plant.
Is your company classed as small or medium, ie under 250 staff and with either a turnover less than 50 million euros, or gross assets on your balance sheet of less than 43 million euros?
Not part of a group structure – or part of a group, but the group totals come within the thresholds above.
Not in the retail sector.
Are you willing to guarantee to employ a number of new staff on a permanent basis?
Are you willing and able to move quickly with the project?
Mr Wesson said: “There are other conditions depending upon the precise terms of the scheme in the local area, but the above will be common to all.
“You owe it to yourself, your business and your family’s future to find out what you could be missing out on – and it doesn’t cost anything to find out.”
