Grants and loans
Grant and Loan schemes are available from a number of sources to support and help businesses grow. Some may be time-restricted or limited to specific business sectors so please check with the provider to see if you are eligible. Details of recent announcements can be found further down this page.
The Government offers Start Up Loans to anyone over the age of 18 who is thinking of starting their own business, the average loan is around £4,500
New Anglia Small Grants Scheme
The New Anglia LEP's Small Grant Scheme provides grants of between £1,000 to £25,000 to help businesses wanting to grow and expand, improve their productivity and efficiency or to introduce a new product or service. More details and full guidance notes are on the LEP's website New Anglia and application forms are available through the New Anglia Growth Hub.
Growing Business Fund
New scheme available from the New Anglia Local Enterprise Partnership that can fund between £5,000 to £500,000 of projects that help businesses to grow and provide new jobs. Full details of the criteria and how to apply are in New Anglia LEP, which still have funding to allocate in 2016 so please contact them early to see whether your project is eligible
Mid Suffolk have a limited capital grant fund to assist with the conversion of properties into commercial use. Grants of up to 25% of the cost can be given for building works. Grants can not be given retrospectively for work already started and planning permissions must be in place for any works. For further details or to discuss your project, Please contact Dawn Easter Economic Development Officer on 0300 123 4000
Mid Suffolk Barclays Loan Scheme - The local branch of Barclays welcomes applications for small business loans up to £50,000. Businesses need to be based in the Mid Suffolk area with a turnover of under £750,000 pa. The Council can subsidise up to 4% of the interest rate on the loan for the first two (2) years. Contact the Barclays local business manager, Allen Fulcher on 07500783573 for more information.
Other sources of grants and loans include:
Foundation East lend money to new businesses, existing businesses, self-employed people and social enterprises that can’t get a loan from a bank or need additional funds to match bank lending..
The Carbon Trust offers tailored expertise, knowledge and finance to help organisation reduce energy costs and increase profits by implementing low carbon solutions. See their Client Services web page for more information. The Green Suffolk website also carries a listing of available funding schemes to help businesses cut energy use.
Business Energy Efficiency (BEE) Anglia
BEE Anglia can award grants between £1,000 and £20,000 at a 28% intervention rate to help businesses reduce their use of energy. Example technologies include LED lighting, heating systems, refrigeration upgrades, electric/hybrid vehicles and specialist equipment, but any measure that reduces the energy use of a business can be considered.
The scheme also offers free, independent on-site energy reviews which can map your current energy spend and provide tailored recommendations for you to take forward.
Interested in taking on an Apprentice for the first time?
Businesses employing less that 250 staff may be entitled to a government grant of up to £1,500 to help. Further details on this grant and the benefits an apprentice can bring to your business can be found on the National Apprenticeships website.
Rural Tourism business grants (LEADER)
Developing your rural business? Food and Drink, Forestry, Horticulture, Tourism, Farm Diversification, Craft based businesses or Heritage/Culture organisations.
The LEADER programme is currently offering capital grants for rural businesses (micro-small) and organisations to support business growth and increase productivity. The funding itself is provided by the EU's Rural Development Programme England (RDPE) and the Department for Food and Rural Affairs (DEFRA). LEADER has an economic focus; therefore, projects should aim to deliver at least one of the following:
- Job creation
- Increased turnover
- Introduction of new processes or techniques
- Improved services
- Additional visitor numbers
Further detail and case studies of the programme and how to apply can be found on Suffolk County Council Website