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Worcestershire Opens Capital And Revenue Scheme For SMEs, But With Restrictions

The Worcestershire County Council, its local District Councils, is offering new opportunities for Small and Medium-sized Enterprises (SMEs) for growth with the Investing in Growth Programme supported by the European Regional Development Fund. The program enables SMEs to expand their businesses through its specialized funding.

In an interview with Wendy Garrad, the EU Project Manager, the project aims to ready all funding by November. Applicants can apply to the said Capital and Revenue-based grant scheme from October 15 until November 9, 2018.

The business assistance funding covers up to £35,000 ($45,000+) of support. Of course, the Growth Fund is not for everybody, specific qualifications are requested for approval.

Businesses vying to apply for the said funding needs to be trading in and from Worcestershire only and has not more than 200 employees in their bracket.  Further, the company must have its quotes and plans ready for presentation, most especially, the demonstration of job creation element in its growth plan. All goals must adhere to the ERDF procurement rules.

Although it may sound as your silver lining to finally expand your business, not all markets are supported by the Investing in Growth Fund. The guidance notes details eligible businesses under the ERDF guidelines.

The scheme will not support Retail Facilities since it does not promote economic development. Other restrictions such as Mobile Infrastructure, Standalone Car Parks, Synthetic Fibers, Generalized Education, Banking and Insurance, and many others are stressed to be none eligible by the county.

The limited time funding can cover up to 45% of the growth funding requirement, or up to £35,000. The vision of the Capital and Revenue based scheme is to allow SMEs to realize their growth potential. As per Garrad, this is a fantastic opportunity for growth and development.

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