New grant money available for Kent businesses

New criteria announced last week by the Department for Business, Enterprise and Regulatory Reform for a business grant scheme to be delivered by SEEDA in the South East region, could benefit many Kent and Medway businesses looking for financial assistance to help fund expansion plans.

Key changes to the Selective Finance for Investment in England (SFIE) grant scheme mean that small companies could be eligible for grants of up to £2.5m and medium-sized companies could qualify for up to £1.25m - rather than the previous limit of £100,000.

All grants are awarded on a discretionary basis and the level of potential assistance depends upon company size, location, eligible project expenditure, number of skilled jobs created or safeguarded and project quality. Grants of up to 15% of project costs are available for small-sized companies and up to 7.5% for medium companies rising to 35% and 25% respectively in the 23 wards of Thanet and three wards in Dover (Eastry, Sandwich and Whitfield) where large corporates are also eligible to apply for up to 15% of eligible costs.

Grants under the new SFIE scheme are part of the published 2007-2013 Assisted Areas map.Tier 2 level grants will be available to companies in or moving to the Assisted Areas of Thanet and Dover - the only areas in the South East that have retained Tier 2 status. Designated areas of Dartford, Gravesham, Medway, Maidstone, Swale, Ashford, Shepway, Canterbury are now eligible for Tier 3 grants levels. Grants are available to growing businesses investing in capital equipment for the expansion and modernisation of facilities to increase productivity and safeguard or create skilled jobs.

Figures from the South East England Development Agency (SEEDA) show that 60 companies in Kent and Medway have been awarded over £12m in financial aid since April 2004 under the Enterprise Grants and Selective Finance for Investment in England (SFIE) schemes.

Of the companies awarded grants between April 2004 - June 2007, 28* were advised by the South East Grant Advisory Service (Se-gas), which offers free grant advice and assistance to companies looking to relocate to, or expand in, Kent and Medway. Se-gas' funding is managed by investment promotion agency Locate in Kent.

Paul Wookey, Chief Executive of Locate in Kent said: "The new guidelines make significant changes to the levels of grant support that is now on offer - allowing companies to benefit further and invest even more in our county. We predict that this will have a very positive effect on encouraging inward investment and creating and safeguarding further jobs."

Brian Short, from Se-gas, said: "Many companies who move into the area or who are looking to expand are often not aware they could be eligible for a grant. We help businesses through the application process, offering them the best chance of success in gaining the grant awards."
For information about the relocation and support services offered by Locate in Kent visit www.locateinkent.com and for information about SFIE grants assistance from Se-gas call 01732 520700.

*All figures supplied by SEEDA