By Humber LEP
The Humber has a collaborative attitude to doing business, with core organisations across the region forging together to help you make the right connections. Whether you have an investment enquiry, are a new or growing business, or perhaps interested in relocating – you’ll find strong support network here, committed to helping you realise your objectives.
Northern Powerhouse Investment Fund
Northern Powerhouse Investment Fund (NPIF) is a collaboration between the British Business Bank and Local Enterprise Partnerships in the north of England. It provides commercially focused finance to help SME’s start and grow.
The three packages are:
Business Growth Grant
For projects totalling £2,500 to £12,500, grants are available to cover 40% of the cost of working with a specialist/advisor/consultant to help mitigate the impact of the Covid-19 pandemic on your business. Funding covers projects that require a company to work with a specialist advisor or consultant that will aid productivity, efficiency, growth, resilience, access to new markets, and create or safeguard jobs.
Finance for Growth Grant
This funding can be used for projects that requires a company to work with an accountant, financial advisor or specialist that will make the business more investment-ready and aid its ability to obtain finance. For projects totalling £2,500 to £12,500, grants are available to cover 40% of the cost of working with a specialist/advisor/consultant to help mitigate the financial impact of the Covid-19 pandemic on your business.
ICT Start Up Grant
Start-up businesses across the Humber can apply for a new ICT grant of £1,000 to contribute toward the cost of projects totalling £2,000 to £2,500. Businesses trading for less than 12 months and that need funding to help with the cost of connection to superfast broadband, IT equipment or software, can access the grant.
Spark Fund is managed by the University of Hull and uses ERDF grant funding to support businesses to bring forward innovative products, services or processes. Made up of three funding streams – innovation vouchers, R&D grants and low carbon R&D grants – Spark Fund is a flexible and responsive programme which works with business owners and leaders to identify, define and deliver innovation and research projects which fit their individual needs, aspirations and plans.
Bounce Back Loans
The Bounce Back Loans scheme allows businesses to borrow between £2,000 and £50,000 and access the cash within days. Loans are interest free for the first 12 months and the interest rate is capped at 2.5% for the duration of the loan. Businesses can apply online through a short and simple form that banks have made available.
Coronavirus Business Interruption Loan Scheme
Loans and overdrafts of between £1,000 and £5million are available to SMEs that have a sound borrowing proposal, but insufficient security to meet a lender’s normal requirements. The first 12 months of the credit facility will be interest free. The maximum term of loan is up to six years.
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The new Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides a government guarantee of 80% to enable banks to make loans of up to £200million to firms with an annual turnover of more than £45million.
COVID-19 Corporate Financing Facility (CCFF) Loan
To support larger firms (FTSE 100 and ‘Investment Grade’), the CCFF will offer financing on terms comparable to those prevailing in markets in the period before the Covid-19 economic shock, and will be open to firms that can demonstrate they were in sound financial health prior to the shock. The facility will look through temporary impacts on firms’ balance sheets and cash flows by basing eligibility on firms’ credit ratings prior to the COVID-19 shock. Only businesses that can access the ‘Commercial Paper’ market can apply. However, business do not need to have previously issued commercial paper in order to participate. This is not open to SMEs.
Self-Employment Income Support Scheme Grant
The scheme allows the self-employed to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500 altogether.
Find out more about funding and grants on the Invest Humber website.