Baines Jewitt News

Funding grants for local firms

Baines Jewitt is urging local firms to apply for funding, designed to support Tees Valley business.

With grants to help everyone from start-ups, small and medium-sized enterprises (SMEs) and established companies, there are several funding streams - via Tees Valley Business Compass - to help Tees Valley business owners. These include:

Broadband vouchers

Grants towards the upfront installation cost of increasing broadband speeds and improving its infrastructure.

Typical projects: installation of fibre lines; kit to increase broadband speeds; hardware upgrades; consultancy to grow business through the better use of digital technology.

Average grant: £3k
Amount of funding: 33%

Energy efficiency grant

Grants towards external energy/low carbon audits and/or investment in new products or processes which embed energy efficiency and reduce greenhouse gases.

Typical projects: replacing OIL & LPG boiler houses with a central biomass boiler; updating control systems to improve storage temperature/humidity levels; implementing low carbon technologies.

Average grant: £20k
Amount of funding: 33%

Growth fund

Grants for business growth and creating jobs, including consultancy, specialist advice and support towards participating in overseas trade fairs.

Typical projects: consultancy to support growth plans; website design & development; business planning; marketing strategies; business process reviews; working towards ISO quality accreditation.

Average grant: £11k
Amount of funding: 33%

Innovation vouchers

Grants towards research and development activity, access to specialist innovation facilities, support from technology specialists and equipment, product process or service design to facilitate job creation.

Typical projects: Support to overcome barriers to technical, scientific and physical resources; collaboration with research institutions; research and development to support new products; intellectual property audits.

Average grant: £11k
Amount of funding: 33%

Capital grants

Grants to support businesses with capital investment projects that will create or safeguard jobs in the Tees Valley.

Typical projects: purchase or lease of new premises, land and buildings; premises extensions and fit-outs; plant, equipment and machinery; wages of new employees (NB: only where a business is planning to expand)

Average grant: discretionary from£10,000 upwards
Amount of funding: typically 20-30% of the amount to be invested

Talking of the available funding streams, Trevor Cook, Director, Baines Jewitt Chartered Accountants, explains:

“There are several grants available, funded with European monies and which will offset about a third of the cost of business improvement activities.  Many local firms are already benefitting from this support and we don’t want others to miss out before it is too late.

We want to encourage start-ups to scale-up; companies to grow and explore new markets and to continue to innovate and be ambitious.  These grants can enable businesses in the Tees Valley to do just that.

The application process is fairly straightforward and we will be happy to talk through any potential ideas with our clients, offer business advice and check their eligibility for funding. It is important that people contact us up front to prior to starting work on such projects, as this particular funding cannot be applied for retrospectively.”

To find out more, please contact Trevor Cook at tc@bainesjewitt.co.uk, or get in touch with your usual Baines Jewitt Director. Alternatively, please phone our main switchboard on (01642) 632032.

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Baines Jewitt Chartered Accountants, Barrington House, 41-45 Yarm Lane, Stockton on Tees, TS18 3EA.
Tel: 01642 632032 - Fax: 01642 632034 Teesside & North East Chartered Accountants