Fund title: Heart of the South West Inward Investment Support Project
Focus of fund/fund aims:
Capital and revenue grants to support foreign-owned SMEs in the Heart of the South West LEP area to expand and create jobs
Round 1: March 2021. Two further rounds in 2021
The Heart of the South West Local Enterprise Partnership (HotSW LEP) has launched a £900,000 grant scheme for foreign-owned companies investing in the area to create jobs in Devon, Plymouth, Somerset and Torbay. The Heart of the South West Inward Investment Support Project grant scheme is funded by the European Regional Development Fund (ERDF).
Funding is available to companies that are newly landed and existing, foreign-owned businesses that are based in the Heart of the South West. The funding can be used to support the expansion of SMEs from EU countries that are already located in the HotSW area but if the business is new to the area they must be non-EU owned.
Companies must be a small to medium-sized enterprise (SME) employing less than 250 employees, with a turnover below €50 million a year in an eligible ERDF sector.
Grants of between £25,000 and £150,000 are available and must be match-funded.
Funding is available for both capital and revenue investment, including machinery, fixtures, fittings, business accommodation and workspace, services & consultancy, digital marketing, intellectual property, quality management, and IT systems.
Alongside the grant scheme, businesses will be entitled to a business support brokerage service.