One of the more commonly reported challenges that face businesses currently is being able to access finance to fund investment within the business or to cover cash flow requirements for seasonal businesses, or expanding businesses.There are currently two grant programmes covering the Dartmoor West Devon area that can provide financial assistance to support investment being made in capital expenditure (to purchase equipment, machinery, building conversion etc.)Firstly, there is the RDPE LEADER Grant Programme. This can provide grant funding for projects with a minimum expenditure of £6,250 offering 40% of grant support. The project needs to create jobs and growth in the rural economy. Your business could be eligible for a LEADER grant if it is carrying out a project to create jobs or bring more money into the rural economy.There are various sectors that can be eligible, including forestry, tourism (though probably not additional bed-space), general rural businesses and farming (technology intended to increase business productivity).Secondly there is the RDPE Growth Grant Programme. This can provide grant funding for projects with a minimum expenditure of £87,500 again offering 40% of grant support. The project needs to create jobs and growth in the rural economy.There are currently 3 types of grant:
- Business development. Most rural business are eligible (not farming or forestry though this will be available later in the year)
- Food processing.
- Rural tourism infrastructure (probably not additional bed space)
Business LoansBusinesses within their first 2 years of trading can apply for Government supported “Start up Loans”. Up to £25,000 per person can be applied for, repayable over a period of up to 5 years.
Please call Business Information Point if you would like further information on freephone 0800 592 872.
www.bipwestdevon.biz