Member Article

SMEs in line for £95 million investment

Small and medium businesses from across the region could be in line for a slice of a £95 million Government investment.

On the 10 November 2011 the Government announced plans to invest i new capital assets, in a move which could unlock around £500 million in new investment, and could create up to 4,000 jobs..

Graham Purvis from Robson Laidler LLP is now recommending that businesses take advantage of the money, which could help to stimulate much-needed private sector growth.

He commented: “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.”

RBS, NatWest and HSBC have agreed to facilitate the distribution of the money. and they are now looking for SMEs with a turnover of less than £25 million (Less than £50 million at HSBC)

Money will be granted for investment in capital assets such as plant and machinery, or in the creation of new jobs. Grants of up to £500,000 will also be awarded alongside the bank loan on commercial terms.

Business Minister Mark Prisk added: “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.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .