Grants are subject to EU State Aid regulations affecting the maximum amount of grant assistance that is available for businesses. For example a small company in Immingham (Assisted Area) is eligible for a maximum grant of 30% for capital investment. A small business in Driffield (non Assisted Area) is eligible for a maximum grant of 20% grant. See below for further information about Assisted Areas.
The programme must secure private sector funding from applicants as a contribution to their project. Overall the programme must achieve ensure it achieves private sector leverage of £40m. Because of this, the majority of grants will be awarded at an intervention rate of 15%.
For every grant provided at least one new job must be created within a year of investment and ideally at a cost of no more than £15,000 grant per job. Thus for a grant of £75,000 we would expect at least 5 jobs to be created.
‘Local services’ are not eligible for funding. This means local service industries who supply goods and services for a local market. Examples of this include but are not confined to shops, garages, hospitality, childcare and the health and beauty sector. Businesses in the leisure and tourism sector are also not eligible.
Businesses operating in the fishery and aquaculture sectors should apply to the European Maritime Fisheries Fund (EMFF), administered by the Marine Management Organisation (MMO) when this funding is available. The programme was re-launched on 18th January 2016 and further information can be found on the MMO website at www.gov.uk/guidance/apply-for-a-european-fisheries-fund-grant
All projects must be completed and grant claims made within 1 year of application. Failure to complete within the programme timescales may result in the grant offer being reduced or withdrawn.
The programme is looking to invest under the following strands:
- Capital grants for business growth and development
- Capital grants for Inward investment
The Humber benefits from Assisted Area Status in some wards in each of the local authority areas – to identify if your business activity is taking place in an Assisted Area, please use the interactive tool at http://www.ukassistedareasmap.com
Businesses interested in applying for funding can consult the following programme documents for further information.
For further information about eligibility, please refer to the programme guidance