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SOUTH WEST BUSINESSES URGED TO TAP INTO “STEALTH GRANTS”

Grant eligibility not limited to Cornwall and parts of Devon, says Bishop Fleming

Businesses across the South West are missing out on a range of crucial “stealth grants” because they are unaware that they qualify, or that the grants even exist, it was claimed today.

Ewan McClymont, head of the grants advisory service at Top 50 accountants and business advisers Bishop Fleming, says many more companies in the region could be tapping into a wealth of financial help which is available from low profile sources.

He said so-called “stealth grants” make up half the database set up by the firm to advise companies on accessing grant cash.

“We define these ‘stealth grants‘ as grants that are out there, sometimes loosely referred to but not actively promoted,” he said.

“They are not intentionally hidden in the system – they just tend to be forgotten about and don‘t get as big a profile as larger scale capital grants such as Selective Finance for Investment in England (SFI) – through which we have helped raise £2.5 million for local firms in the last year alone - or mainstream EU funds such as Objective One.”

Mr McClymont says many of these grants are nationally based and open to a wide cross-section of sectors, and that businesses need not assume they have to be based in Cornwall or specific parts of Devon to qualify.

“A good example is Access to Work, which is available nationwide and is intended to support people with disabilities in the workplace. It includes help towards specialist travel costs, provision of a support worker or funding for specialist equipment,” he comments.

“The grant can pay up to 100 per cent of the specialist costs and is administered by Job Centre Plus.”

Another potential source of grant funding is Shell STEP, designed to help businesses maximise their potential by utilising undergraduates at an affordable cost.

“Most placements run over eight weeks during the summer and focus on a specific project that the undergraduate can work on for the business. The scheme is nationwide and is administered in the South West by Exeter University,” said Mr McClymont.

The Bishop Fleming in-house database is regularly updated and focuses exclusively on the South West, mirroring the firm‘s position as the accountancy firm with most offices in the region.

The £2.5 million in SFI grants raised by Mr McClymont and his colleague Robert Davey has been made available for substantial capital investments. Eligible projects include launching a new business, expanding existing companies, introducing new technology into manufacturing or developing a new product.

Sectors such as advanced engineering (including aerospace), food and drink, ICT, marine, biotechnology, creative industries and environmental technology are particularly targeted for SFI grant aid. 

ENDS             17th January 2008

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk

Further information on SFI, Access to Work and Shell STEP is available at:

www.southwestrda.org.uk/sfi

www.jobcentreplus.gov.uk

www.shellstep.org.uk