Grants

What is available for new and existing businesses?

European funds under the Objective One initiative are currently supporting those areas In the UK affected by the loss of industrial employment and having low levels of employment compared to other EU countries. South Yorkshire is one such region. This means that businesses in the Stocksbridge area should be eligible for financial support from this substantial pot of money.

All businesses in the area benefit from the funding of the SBDF and those thinking about starting their own business in the area can enter the new entrepreneur competition, also run by the SBDF, that offers £1000 cash prizes for the best new business ideas. In addition, businesses in the area may also be eligible for a small bursary of around £250 from a Corus scheme, designed to offset the major redundancies in the steel works.

What do grants cover?

Grants are available for many business activities. The following areas are the most common:-

Training. The SBDF supports both on the job training as well as off site skill development. In addition, through local training providers, it can offer 40% subsidies to eligible Firms as part of the invest in skills initiative.

Advice. This may include consultancy or other specialist time

Expenses for relocation to new premises or area

Funding to develop a new product or operational process

Introducing new technology

Investigating and setting up of new markets

Purchasing new or additional equipment

Why do you need a grant?

Grants aren't simply free cash. Most come with strings attached and can be very difficult, costly and time consuming to access. The SBDF can help a business identify why they need a grant and then decide if the cash benefit of receiving a grant outweighs the disadvantages of applying for it.

The process
The first step is to contact the SBDF. They can help produce a project plan outlining why a grant is needed, what it will be used for and what match funding is available. The majority of grants require matched funding and therefore you must be able to fund the other half of the project from another source.

There is no guarantee that a grant application will be successful - it really does depend on hitting the criteria laid down but if it is you will need to ensure you use the money for the intended purpose as outlined in your application. As the funds are public money it is essential that you keep accurate and detailed records.

For more information on grants available to local businesses please contact the SBDF office.