The report, commissioned by East Midlands Development Agency (emda), aimed to identify any gaps in the existing funding packages available. It concluded that there was little need for a radical increase in support across the region.
After consultation with 125 SMEs and stakeholders, SQW - the firm commissioned to carry out the research on emda’s behalf, identified the Agency’s packages of financial support as excellent examples of accessible and available funding for East Midlands firms. It also highlighted that half of all regional venture capital deals involve an emda-supported fund.
Mike Carr, emda’s Executive Director of Business Services, commented: “The outcome of this research is pleasing. We have worked closely with many partners to develop these growth initiatives to ensure there is a fund available to assist businesses at any stage of their growth.
“Many organisations from across the region have already benefited from this support, enabling them to increase productivity and compete effectively in our competitive global economy.”
One area that the report particularly highlighted was emda’s coherent package of financial support - known as the ‘escalator of funds’ - which compares favourably against other UK regions. This includes a comprehensive range of finance packages for businesses large and small, providing funding grants from £2,500 to £2,000,000.
For entrepreneurs or businesses that want to develop an idea before launching it onto the market, the Grant for Research and Development (GRD) provides funding from £5,000 to £250,000 to enable companies to develop technologically innovative products and processes.
Other funds that are available for businesses include the East Midlands Early Growth Fund, which invests in start-up and early stage businesses with growth potential, providing finance of up to £200,000 for regional businesses. In addition, the Selective Finance for Investment (SFIE) grant provides grants for buildings, plant and machinery of up to £140,000.
At the higher end of the investment spectrum, venture capital funds are available that can provide funding of up to £2 million, which are mainly aimed at established businesses looking for high growth and development finance.
Full details of the support products available to entrepreneurs and businesses that want to grow and develop are available at the business pages of
www.emda.org.uk/accesstofinance .
ENDS
For further information please contact: Clare Baker Media and PR Manager on 0115 9888583; email: clarebaker@emd.org.uk
