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GBI is designed for businesses that are looking at the possibility of investing in an Assisted Area, but need financial help to go ahead. Delivery of the scheme in England is primarily through the Regional Development Agencies. Business Links can act as an initial point of contact and as advisers to applicants in some cases.
What is GBI?
GBI is discretionary and normally takes the form of a grant or occasionally a loan. All projects must meet the scheme criteria and in each case the amount and terms of assistance will be negotiated as the minimum necessary for the proposed project to go ahead. There is a minimum threshold for applications of £10,000 grant.
Who Qualifies?
Most manufacturing businesses are eligible to apply, as are businesses in service industries that supply a national rather than local market. Applicants can be companies, partnerships or sole traders. Grants are not available simply to transfer jobs from one part of the country to another. Assistance can be provided to:
European Commission restrictions apply in some sectors, including synthetic fibres, shipbuilding, steel, coal, fisheries and some agricultural products.
How much?
The amount depends on the needs of the project and its impact on productivity and skills. Successful businesses typically receive around 10-15% of a project's total eligible capital expenditure but support can vary widely either side of these figures depending on the need and quality of the project. There is a minimum application threshold of £10,000 assistance. Grant is normally calculated as a proportion of eligible capital investment. However, where this expenditure is insufficient, grant may be assessed against new jobs created.
Funds are normally payable in instalments on reaching fixed capital expenditure and job targets, which are set out in a formal offer of support.
For more information about this financial package please contact us.
Barnsley Development Agency 2008. All rights reserved.