Regional Growth Fund for SMEs

The Government has announced that it is making available £95 million to be distributed by Banks to help small and medium sized enterprises (SMEs) in England. The funding is expected to create at least 4,000 jobs and unlock around £500 million of new investment by small and medium-sized businesses.

The £95 million is part of the Government’s Regional Growth Fund, a £1.4 billion fund supporting projects that can create jobs.
RBS and NatWest banks will facilitate the distribution of £70 million with HSBC facilitating the distribution of £25 million. The banks will not profit financially from the administration of these schemes.

The new schemes will provide grants to support SMEs considering investing in new capital assets and creating new employment. SMEs can qualify for a grant to invest in capital assets, such as plant and machinery and create new jobs if they have been unable to obtain normal bank finance. Grants of up to £500,000 will be awarded alongside the award of a new bank loan on commercial terms. To qualify for the NatWest and RBS scheme, SMEs need a turnover of less than £25 million. To qualify for the HSBC scheme the SME will need a turnover of less than 50 million Euros.

More information about the funding can be found at http://www.bis.gov.uk and on the website of HSBC, NatWest and RBS.

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