The Heart of the South West Local Enterprise Partnership (HotSW LEP) has launched a new £900,000 grant scheme for foreign-owned companies investing in the area to create jobs in Devon, Plymouth, Somerset and Torbay.
The scheme is open to any business in the HotSW that meets the criteria below:
- Open to SMEs only. SMEs employ fewer than 250 persons and have an annual turnover not exceeding 50 million Euro, and/or an annual balance sheet total not exceeding 43 million Euro
- The SME must be located in the Heart of the SW to be eligible. We cannot support SMEs whilst they are abroad and the funds cannot be used for the direct costs of relocation. However, a package of support would be available once the SME has located to the Heart of the SW to help pave the way for the move.
- We cannot support the relocation of SMEs from other EU countries as this would be displacement. However, we can support the expansion of SMEs from other EU countries already located in the HotSW area.
- The funding can be used for both Capital – which can cover items such as machinery, fixtures, fittings, business accommodation and workspace and Revenue costs – which can cover items such as services and consultancy, digital marketing, IP, quality management, IT systems
Businesses operating in the following sectors are not eligible under ERDF rules/state aid rules:
- Farming/fishing/primary production
- Processing and marketing of agricultural products
- Coal/steel and shipbuilding sectors
- Synthetic fibres sectors
- Banking and insurance companies
- Services already provided by the state including education and healthcare (including day nurseries and schools)
- Retail facilities
- Nuclear commissioning or decommissioning
To discuss the grant scheme and your eligibility in more detail please contact the LEP’s Inward Investment Manager Carla Modley at carla.modley@heartofswlep.co.uk
Alongside the grant scheme businesses will be entitled to a business support brokerage.
This funding is part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for ERDF. Established by the European Union, ERDF funds help local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
