Regardless of the amount of financial support your business requires, organisations working across Eden can meet your needs. As well as providing finance, they can also provide the support and advice needed to maximise your business potential.
Eden District Council have partnered with Enterprise Answers, a Community Development Finance Institution, each contributing £250,000 to create a £500,000 pot of money which local businesses can apply to support their growth and development plans.
Find out more about the Eden Business Support Fund.
Cumbria Local Enterprise Partnership is determined to build on the county’s strengths to increase Cumbria’s Gross Value Added (GVA) by working together to exploit local talents, building on entrepreneurial culture, implementing new approaches and ensuring that investment and agreed interventions are targeted at the key issues and opportunities
The Northern Powerhouse Investment Fund provides commercially focussed finance through Microfinance, Debt and Equity Finance funds.
Other sources of Finance:
Big Issue Invest
Big Issue Invest scale-up social enterprises and charities by providing finance, not grants, from unsecured loans to equity investment.
BII is born out of a social enterprise and is led by social entrepreneurs and experienced social financiers who have first-hand experience of setting-up and running profitable social enterprises in both good and difficult times.
Find out more: http://bigissueinvest.com/
Creative England Lottery Production Fund
The Creative England Production Fund is targeted at feature films with budgets of up to £2 million from up-and-coming talent or from established directors looking to experiment with innovative approaches. We're particularly interested in projects from regionally-based filmmakers or which have a strong regional voice.
We are looking to support around three to five features per annum over the next four years, with production awards of up to £200,000 per project.
Value: Awards typically between £50,000 - £100,000 per film.
Find out more: www.creativeengland.co.uk/film/production-funding
Creative England Digital Business Loans
Creative England Business Loans will help fuel the growth of the fastest growing sector in the UK economy, financing business expansion and new products which will lead to the creation of new, high-quality jobs.
Businesses based in the North, the Midlands and the South West of England will be able to apply for a loan of between £60,000 and £150,000 which is then repaid over 3 years. The loan repayments in the first year are minimal followed by 24 equal repayments over the final 2 years. The loan must be matched 50:50 with other finance, sourced by the company.
Creative England Business Loans are funded through the new Creative England Growth Programme, a £4.2m programme funded by the Regional Growth Fund. Two previous loan funds have been so successful and heavily over-subscribed that the decision has been taken to increase the loan funding available from £1,000,000 to £1,500,000.
Value: £60,000 - £150,000
Find out more: http://www.creativeengland.co.uk/business/business-loans
Cumbria Manufacturing Service
Cumbria Manufacturing Service offers eligible SMEs an initial review to help identify barriers to growth, and then works with you to identify a suitable consultant to deliver a solution, with grant support for that solution to enable growth.
30% grants are available of up to £3,000 for an expected project cost of £10,000.
Grants can be used to cover a wide range of topics such as patents & intellectual property, design, training, quality & standards, finance, IT/software, sales & marketing strategy and operational excellence & efficiency.
They offer an initial review to help identify barriers to growth, and then work with you to identify somebody to deliver a solution and offer grant support for that solution.
Please note ERDF eligibility restrictions apply, most notably for this initiative around nuclear – contact us to check your eligibility.
If you would like to know more please contact Anne Campion on 07802 869 241, at Anne.Campion@businessgrowthhub.com , or through Cumbria Chamber of Commerce.
Design Council - Business Growth
With four strands aiming to support SMEs, research commercialisation, tech start-ups and exporters, the Design Council's Business Growth programme looks to aid businesses in opening up to new markets, improving and diversifying, and communicating value with conviction.
Find out more: http://www.designcouncil.org.uk/our-services/business-growth
Eden Apprenticeship Scheme Grant
A grant of up to £2,000 towards wage costs for each new apprenticeship. You may also qualify for a further £1,500 from the government. The business must be located in Eden and employ fewer than 250 people.
European Agricultural Fund for Rural Development
A total of £4.3m of EAFRD funding is available to support projects throughout rural Cumbria. There are currently three funding calls open;
A £1.3m investment is available to support the development of tourism infrastructure throughout rural Cumbria. The aim is to support projects that will encourage more tourists to visit Cumbria, stay longer and spend more money in rural areas.
Funding of £1.5m is to assist rural business development with grants to enable farm diversification or business innovation and growth. Grant funding can help pay for constructing or improving buildings and/or buying new equipment and machinery.
The remaining £1.5m is being applied to help food processing businesses to develop and extend supply chains, enabling them to export their goods as well as achieving business growth. It is aimed at food and drink businesses which process agricultural and horticultural products.
Grants are available for up to £250k (minimum £35k) and there is a two stage application process. Usually for every £30k of grant, a new job would be expected to be created.
All grant applications will be received, processed and successful contracts awarded by the Rural Payments Agency (DEFRA).
The deadline for expressions of interest for all funding calls is 31 January 2018.
European Innovation Partnership for Agricultural Productivity and Sustainability
£5 million of funding is now available under the latest phase of European Innovation Partnership for Agricultural Productivity and Sustainability (EIP-agri) grants.
The grants can be used to boost productivity in the livestock, arable, horticultural and forestry sectors and create ground-breaking new technology – unlocking innovation in the farming industry.
The grants worth between £5,000 and £150,000 will be available for projects for up to three years to encourage new farming techniques, as well as improve the sustainability of the farming and forestry sectors.
For more information on the new scheme visit here.
Funding Circle is a marketplace where people and organisations can lend to businesses.
Value: You can borrow between £5k and £1M.
Find out more: www.fundingcircle.com
Innovate UK fund, support and connect innovative businesses to accelerate sustainable economic growth. They run a number of funding competitions detailled on their website at https://interact.innovateuk.org/
Technology development is very expensive which can be a hindrance, especially for Small to Medium sized Enterprises. Innovus has an investment fund to assist Proof of Concept and Prototype Development work and will seek to make investments in innovations with a likelihood of commercial success.
All funds invested by Innovus must be matched by applicants with funds from a variety of sources, including customers, investors, the applicant company itself or other.
Proof of Concept - Key Features
Duration: Up to 3 months
Total Project Costs: Typically up to £25k
Funding Proportions: Up to 60% of total project costs for medium enterprises; up to 70% for small and micro enterprises
Prototype Development - Key Features
Duration: Up to 12 months
Total Project Costs: Typically up to £100k
Funding Proportions: Up to 35% of total project costs for medium enterprises; up to 45% for small and micro enterprises
Find out more at www.innovus.org.uk
LEADER 2014-2020 - Rural Grants
Grants will be available to support the rural economy with a particular focus on increasing farm productivity, developing micro and small enterprises and farm diversification, rural tourism, rural services, cultural & heritage activity and increasing forestry productivity.
The funding is being administered by the Fells & Dales, and Solway, Border and Eden Local Action Groups (LAGs), each covering a specific area and focused on issues that matter most to their local economies and communities.
The Cumbrian LAGs have, in total, received over £5.2m of RDPE funding – £2.261m for Solway, Border and Eden and £3.008m for Fells & Dales.
Eden is partly covered by both LAGs as follows:
Fells and Dales LAG
Appleby (Appleby) • Appleby (Bongate) • Askham • Brough • Crosby Ravensworth • Dacre • Eamont • Greystoke • Kirby Stephen • Kirkby Thore • Long Marton • Morland • Orton with Tebay • Ravenstonedale • Shap • Ullswater • ...Warcop. Penrith is also covered but the proposed project activity will need to take place in and benefit the population of the surrounding rural areas.
Solway Border and Eden LAG
Alston Moor • Hartside • Hesket • Kirkoswald • Langwathby • Lazonby • Long Marton • Skelton
Manufacturing Advisory Service Grant
If your company is ambitious with the drive to grow, and you have a project in mind that will increase profits, help secure new contracts or create new jobs, MAS could help you pay for it. And make sure you succeed.
You can even choose your own consultant; with the added assurance of a MAS Advisor to guide you both through the process from start to finish.
To find out if you are eligible for funding towards an improvement project visit who we can help, or call 0845 658 9600 and speak to one of our experienced Advisor team.
Value: £300 - £3,000
Find out more: www.mymas.org/resources/grants-funding
Research and Development (R&D) Relief for Corporation Tax
Research and development (R&D) relief (or credit) is a company tax relief that can either reduce a company’s tax bill or provide a cash sum. It is based on the company’s expenditure on R&D.
For there to be R&D for the purpose of the tax relief, a company must be carrying on a project that seeks an advance in science or technology. It is necessary to be able to state what the intended advance is, and to show how, through the resolution of scientific or technological uncertainty, the project seeks to achieve this.
There are two schemes depending on whether the R&D is carried out by a company that is an SME or any company other than an SME (a large company). In certain circumstances an SME may be able to make a claim under the large company scheme where the conditions for the SME scheme are not fulfilled.
The R&D tax credit works by allowing companies an increased, or enhanced, deduction in respect of qualifying expenditure on R&D activities. The enhanced deduction either reduces the company’s profit, or increases its losses, for tax purposes if certain conditions are satisfied. SMEs may be able to claim payable tax credits in cash from HMRC if they have losses in the accounting period but the enhanced relief must be surrendered in order to receive this payment.
Find out more: http://www.hmrc.gov.uk/ct/forms-rates/claims/randd.htm
Smarta Start Up Loans
Smarta Start Up Loans is your route to government backed funds that have set aside specifically for people starting and growing their businesses.
We offer anyone who has been trading for less than 12 months the chance to access up to £10,000, brilliant mentoring and expansive support to turn a business idea into a huge success.
Value: Up to £10,000
Find out more: https://startuploans.smarta.com/
Start Up Loans
Loans and mentoring for people over 18 years old who are looking to start a business. Backed by the Business Bank.
Value: The average loan is around £6,000
Find out more: http://www.startuploans.co.uk/
Start-Up Loans for Young Entrepreneurs
The Start-Up loans initiative is a government-backed loan fund for over 18s based in the North East and Cumbria who want to start up their own business. When you apply for a Start-Up Loan you don't just get financial help - you'll also get support and advice as you embark on your entrepreneur's journey, helping you turn your great idea into a successful and sustainable business.
Value: Loans available up to £25,000
Find out more: http://startuploansnortheast.co.uk/index.html
Northwest Business Angels
Northwest Business Angels connects young and growing companies seeking investment with investors actively looking for investment opportunities in the northwest.
Business angels can offer:
An equity based finance solution of between £20,000 and £500,000 to start up, expand or help build-up a healthy profit.
A more flexible repayment profile based on success over the long-term not from short-term cash flow regardless of profit.
Strengthening of your management team with experienced and successful people.
Someone to buy a part of your business and share the risk involved with you.
Find out more: http://www.nwbusinessangels.co.uk/home
The North West Fund
The North West Fund provides finance from £25,000 to £2m for businesses based in, or relocating to, the North West of England to start, develop and grow.
Value: £25,000 to £2 million
Find out more: www.thenorthwestfund.co.uk/
The North West Fund for Micro Loans - £25K to £50k
The Fund can lend between £25,000 and £50,000 in a single round.
Businesses must demonstrate a strong case for investment when applying. They should provide a business plan, which must show the business' vision for growth and its ability to service a loan.
The applicant must be able to demonstrate that the provision of funding will assist in creating and / or safeguarding jobs.
Find out more: www.thenorthwestfund.co.uk/funds/micro-loans
The Prince's Countryside Fund
The Prince's Countryside Fund provides funding towards projects operating in England, Wales, Scotland and Northern Ireland that clearly contribute towards one or more of The Prince’s Countryside Fund's objectives.
Women in Business Loan Fund
A dedicated loan fund for female entrepreneurs across the North West region seeking to raise finance to start or grow a business.
Value: Loans of up to £10,000 for new businesses and £30,000 for existing businesses
Find out more: www.bbvonline.net/women_in_business_loan_fund.asp
Youth Contract Wage Incentives
Wage incentives are also available through the Work Programme and Work Choice.
Employers with fewer than 50 employees may choose to have a part payment of £700 after 8 weeks.
The subsidy is designed to cover costs such as National Insurance contributions.
The wage subsidy will:
- pay £2,275 to employers for every 18 to 24 year old that they recruit who has been claiming benefits for at least 6 months through Jobcentre Plus, the Work Programme or Work Choice
- be open to all businesses, voluntary organisations and charities
Payments for the majority of businesses are made after the young person has been employed for 26 weeks.
For smaller businesses these payments will be staggered, with the first payment after 8 weeks and the rest after 26. The wage incentive will also be available for part-time positions, with a rate of £1,137.50 if someone is employed between 16 and 29 hours.
A wage incentive scheme is also available to employers who recruit a young disabled person from Work Choice.