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Selective finance for investment -or capital grants
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Young entrepreneurs may be able to get funding from the Princes Trust; see www.
princes-trust.org.uk, starting your own business
Selective Finance for Investment in England is designed for businesses looking at the possibility of investing in an Assisted Area, but which need financial help to go ahead.
This is usually a grant, but it can be a loan.There is a minimum threshold for applications of £10,000. Financial support is available to businesses of all sizes located, or planning to locate, in an Assisted Area; a point to consider if you are planning new premises.
Most cases are appraised by the Regional Development Agencies, but because of their size, a few are appraised by the Department of Business. Enterprise and Regulatory Reform in London.
To qualify your project must: + not yet have started 4: involve capital expenditure on fixed assets, such as property, plant and machinery These assets can be purchased outright, or by using lease finance or hire purchase. Some property leases may also be eligible.
Certain non-recurring costs may also qualify, for example patent rights and professional fees.
The working capital spent on a project does not directly qualify, but may count towards the decision. If support is to be assessed on the basis of new jobs created by a project, eligible expenditure is two years' gross wages.
Your project will be monitored for a minimum of five years through to completion of the investment and beyond to ensure the conditions of the offer are met.
Typically you would receive 10-15% of the capital you need, with the rest coming from your own or private investment funds.The amount varies depending on location— assisted areas are divided into tiers with tiers two and three receiving different levels of support.