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£95 Million Boost for Business
23rd January, 2012
Small and medium sized businesses in England could benefit from £95 million in government investment, according to Smailes Goldie Chartered Accountants, of Hull and Barton.
The government funding, announced on 10 November 2011 will support SMEs considering investing in new capital assets. The government expects the funding to unlock around £500 million of new investment and create at least 4,000 jobs.
The money forms part of the government’s £1.4 billion Regional Growth Fund, which supports projects that can create jobs, are based in areas dependent on the public sector and are supported by private sector investment.
Martin Overfield, Partner, Smailes Goldie Chartered Accountants, said:
“The new scheme will provide grants designed to support SMEs considering investment in new capital assets and creating new employment but which have been unable to secure commercial funding for their projects”.
Business Minister Mark Prisk said:
“These schemes will directly help SMEs that want to invest and create new jobs. They will deliver a shot in the arm to local communities and help small businesses drive local growth.”
RBS, NatWest and HSBC have agreed to facilitate the distribution of the £95 million. To qualify for the scheme run by NatWest and RBS, SMEs need a turnover of less than £25 million. To qualify for the HSBC scheme the SME will need a turnover of less than 50 million euros.
SMEs can qualify for a grant if they are going to invest in new capital assets, such as plant and machinery, and create new jobs but cannot get normal bank finance. Grants of up to £500,000 will be awarded alongside the award of a new bank loan on commercial terms.
For more information or advice, please contact Smailes Goldie Chartered Accountants on Hull 01482 326916 or Barton 01652 632927.
