Listed below are some of the funding schemes available to eligible businesses based in Stafford Borough or those looking to relocate into the area.
Whatever your plans (eg adapting premises, purchasing capital equipment, up-skilling your staff, undertaking product innovation or introducing more efficient manufacturing techniques) the Business Engagement Team is here to help you every step of the way.
For further information simply complete our enquiry form providing us with information about your business expansion plans.
Alternatively feel free to contact us direct on 01785 61900 asking for Mary Timmis or email email@example.com.
Below is a range of some of the funding schemes currently available:
- Small Business Grant Scheme - up to 60% grants ranging from £1,500 to £10,000, to help eligible businesses fund projects associated with premises expansion/refurbishment and/or the purchase of capital equipment. Businesses who have received a Small Business Grant since April 2019 and who wish to apply again, can do so, so long as the value of the previous grant and the new one collectively do not exceed £10,000. Job creation is mandatory for this grant.
- Grants for Growth - Revenue grants up to 60% are available towards website development, advice and consultancy.
- SBEN Low Carbon Business Enterprise - offers a free specialist low carbon review to SME’s on how to make savings around energy efficiency. Last date for enquiries is 1 December 2022.
- Investment Readiness Programme - A 60% grant ranging between £1,000 and £3,000 to assist businesses in the development and creation of business and strategic plans and financial forecasts, to help them prepare for growth and source funding. Grant for third party costs only.
- Manufacturing Growth Programme - offers free advice and grant funding to help manufacturing businesses become more competitive. 43% capital grants are available ranging from £2,000 to £25,000 linked to productivity e.g. mezzanine flooring, new equipment or machinery. Also, 43% revenue grants are available ranging from £2,000 to £10,000 for coaching, mentoring and consultation.
- Gigabit Broadband Voucher - small and medium sized businesses based in rural areas (as part of a joint project) can each apply for a voucher of £3,500, to claim against the installation cost of a gigabit capable connection for broadband. Homes can also be included in a collective project with businesses, claiming vouchers of £1,500 each.
- New Product Development Grant - A 37% grant up to a max of £5,000, to help B2B businesses based in Staffordshire pay for external specialist advice to research, develop or launch to market a new product or service. Following application approval, projects need to be completed and paid for before 31 March 2023.
- Michelin Development Fund - Unsecured loans and business expertise for businesses based in the north part of Stafford Borough who can demonstrate potential to create jobs.
- Staffordshire Business Loan Fund - a loan scheme ranging between £10,000 and £50,000, for viable Staffordshire based businesses, who employ less than 50 people and who are experiencing difficulty accessing finance. Loans are repayable over three years and must support the expansion or development of the business.
- Staffordshire Start Up Scheme - A programme of free advice, mentoring and support to help people who want to set up their own business in Staffordshire. These sessions can help with selecting and entering a market, how to spot a potential crisis and how to overcome it.
- Staffordshire Get Started and Grow - a referral for free of charge professional services for marketing and/or financial consultancy for new businesses up to five years in business. Marketing support - branding packages, logo design, digital marketing, website design and build to help market your product or service. Accountancy support - financial advice, preparation of cash flow, profit forecast and balance sheet which can be used to secure commercial borrowing and funding. Fund due to close 31 March 2023
- Staffordshire Start Up Loan - An unsecured, interest-free loan between £3,000 and £5,000, for eligible businesses who have completed the Staffordshire Start Up Scheme, which offers free mentoring and workshops for start-ups. The loan has no setting up fee and is repayable in full after 12 months. This scheme is currently on hold due to funds being temporarily committed.
- British Business Bank Start Up Loan - a 6% fixed interest rate loan and advice and mentoring for businesses who have been trading for up to 36 months. Loans should be repayable from between one and five years and are aimed at those who are experiencing difficulty in obtaining funding from more traditional sources.
Green Spaces Scheme - Green spaces can help improve mood, reduce stress and improve self-esteem. Grants of up to £750 are available to Staffordshire based businesses to help them buy the tools and plants to make their own green space for their employees to enjoy. For each business that partakes in this scheme £250 will also be donated to a habitat creation/restoration scheme within Staffordshire.
Smart Energy Monitoring Funding - for businesses wanting to reduce their energy costs. Sub-meters will monitor and measure the energy consumption and performance of specific equipment within a building. This can be used on assets such as heating, ventilation, air conditioning, chiller plant, cooling tower pumps, motors, and various manufacturing equipment’s. Staffordshire County Council will provide 50% match funding to eligible organisations/businesses for the temporary installation of Smart Meters. Funding to close on 30 March 2023 subject to funds still being available.
Made Smarter Programme - Where digital experts provide advice to manufacturing and engineering businesses on how to switch to advanced and automated technologies as well as working improve employees overall digital skills. Up to 50% match funding (maximum £20,000) is available for equipment and/or specialist advice to implement projects. Programme runs until 31 March 2023, subject to funds being available.
- Midlands Engine Investment Fund (MEIF) - MEIF has been designed to provide greater support to the region's smaller businesses, accelerate economic growth and promote job creation in line with the Government's Midlands Engine Strategy. Through MEIF businesses can have access to:
- £30million of small (SME) business loans ranging from £25,000 to £150,000 available including for start-up firms
- £90million of debt finance available from £100,000 to £1.5million.
- Equity funding up to £2 million
- Proof of Concept early stage equity finance of up to £750,000
For further information on how we can help contact:
Growth and Investment Officer
Tel: 01785 619000