The Heart of the South West Local Enterprise Partnership (HotSW LEP) has launched a new £900,000 grant scheme for foreign-owned companies investing in the area to create jobs in Devon, Plymouth, Somerset and Torbay.
The Heart of the South West Inward Investment Support Project grant scheme is funded by the European Regional Development Fund (ERDF). Funding is available to companies that are newly landed and existing, foreign-owned businesses that are based in the Heart of the South West.
Qualifying companies must be a small to medium-sized enterprise (SME) employing less than 250 employees, with a turnover below 50 million Euros a year in eligible ERDF sectors including: Aerospace & Advanced Engineering; Agri-tech/Food and Drink; Environmental Futures; and Marine Industries. If the business is new to the area, they must be non-EU owned.
Funding is available for both capital and revenue investment, including machinery, fixtures, fittings, business accommodation and workspace, services & consultancy, digital marketing, intellectual property, quality management, and IT systems.
Grants of between £25,000 – £150,000 are available, and must be match-funded. The selection criteria for grants is based on the number and value of jobs that will be created in the HotSW area by the investment, value for money and whether the project is deliverable. £300,000 is available in the first round, which runs from now until March 2021 with a further £300,000 in each of the subsequent rounds in April and September 2021.
The Heart of the South West was awarded this funding based on the area’s increasing potential as a popular business location in the UK, which is Europe’s leading country for foreign direct investment.
HotSW offers access to world-class universities and research capability, a strong skills development system, networks of businesses in growth sectors, highly skilled, affordable labour and high quality, competitive development sites; including a multi-site Enterprise Zone.
The area has been of increased interest to overseas investors and the new grant is looking to build on this. The area’s offer to attract foreign companies has been enhanced by the LEP’s investment through its Growth Deals with Government and match-funding of £590m in skills and infrastructure projects that will generate growth and jobs.
Chairman of the Heart of the South West LEP, Karl Tucker said: “We are delighted to launch this new grant scheme to companies who’ve chosen the Heart of the South West as their base for relocation or expansion.
“Our aim is to generate more and better jobs in high value careers, so this incentive for companies to invest will be an added boost to the already growing popularity of HotSW as a profitable business location offering an excellent quality of life.”
Detailed information about the grants and eligibility for companies interested in applying is available by contacting Carla Modley, HotSW LEP’s investment manager: firstname.lastname@example.org 07784 361495