9th Aug 2019
Funding for Midlands Businesses To Realise Your Office Fit Out
If finances are holding your business back from creating a workplace that inspires and motivates your team, we may be able to help you access the funding you need to realise your dream office.
There are a couple of pretty large pots of funding just waiting for Midlands businesses of all sizes to take advantage of, and we’re giving you the lowdown (you can thank us later).
Midlands Engine Investment Fund
The £250m Midlands Engine Investment Fund (MEIF) is made up of several smaller pots of investment aimed at boosting SMEs and encouraging economic growth in our area.
Different types of funding are available for smaller businesses in the West, East and South East Midlands, and the pot that is best suited to you will depend on the type of business and where it’s located.
Where does the funding come from?
The MEIF is supported by the European Regional Development Fund (ERDF) and is the product of a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) across the Midlands.
Your business can benefit from the fund with finance through Small Business Loans, Debt Finance, Proof of Concept and Equity Finance Funds.
As of 31st March this year, 137 investments had been made in 127 business across the Midlands totalling £25m.
What can businesses use the funding for?
There are a range of funds available depending on the type of business or project that it’s needed for. Office fit-out projects are included within eligible projects, so if you’d like to find out more about how we can help your company utilise the funds to design a happier, healthier, more productive workplace, get in touch using the form below.
Grant Funding – NBV Enterprise Solutions
NBV Enterprise Solutions also has ERDF Grant Funding available as part of the Growing Enterprise Project.
In order to qualify for it, your business needs to be registered or trading within Derbyshire, Greater Lincolnshire, Leicestershire or Nottinghamshire and employ under 250 people.
What can the funding be used for?
The funding is there to help SME businesses access financial support for development and growth. Ideally, this should be a capital project which involves the purchase of assets like machinery or IT equipment – and the good news is that your office fit-out, particularly if it includes technology products such as room booking systems, TV screens and communications equipment, will almost certainly qualify!
The grant offers a 25% contribution against a minimum £4k project (£1000 grant) and a maximum project of £10k (£2,500 grant). The total project cost can exceed the £10k limit, but the difference would have to be self-funded.
To apply, all you need to do is complete and submit an Expression of Interest and Checklist. This will be reviewed to ensure your business project and items meet the strict ERDF criteria, then, if your application is deemed eligible a full application form will be issued.
We’re here to help
This may sound a bit complicated, but our team can help guide you through the funding application process and give you a steer on what to include in your submission.
Get in touch for more information on how we can help to get your project off the ground.