Grant for Business Investment (GBI) provides funding for brand new projects that create new jobs and protect existing jobs in the South West. Grants from £10,000 to £2 million are available to support capital investment on fixed assets such as property or machinery; R&D; or salaries and training. Key start up costs including consultancy, legal fees and rents can also be covered.
Because Cornwall is a tier-1 assisted area under the scheme, Cornish companies are eligible for more funding than other businesses across the South West. GBI is available to businesses of any size, subject to meeting eligibility criteria, and up to 30% of capital expenditure for a project can be applied for. But in Cornwall, there is additional funding available for medium-sized businesses, who can apply for up to 40% of their capital expenditure, and small businesses, who can apply for up to 50%.
To apply for a grant you will need to complete an application form and provide detailed information on the benefits to your business, including the commercial viability of the project, the jobs that will be created and the need for financial support. If your application is successful, the grant will be paid in instalments over the course of the project as you achieve certain pre-agreed targets – including the level of capital spend and the number of skilled jobs created by your project. Please note GBI cannot be applied for retrospectively.
Funded by: the European Regional Development Fund
Who is eligible?
- South West businesses with projects that will lead to the creation of skilled jobs and increased profitability
- Businesses of all sizes, from start-ups to multi-nationals, with additional funding for SMEs in Cornwall
- Organisations across a range of industries, with a preference for advanced engineering, ICT, biotechnology, creative industries and environmental companies (note: some industries may be ineligible for funding under the scheme)
To determine whether your project may be eligible for support, contact the Business Investment Team 0303 444 6576 or by email at: richard.hoskin@communities.gsi.gov.uk
Find out more
More information is available from the Department for Communities & Local Government website at: http://www.communities.gov.uk/corporate/ or the Invest in Cornwall team.
You can also contact project managers Richard Hoskin on (0303) 444 6576) and Paul Wilson (0303) 444 6577).
Detailed guidelines on the grant scheme are available here