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Selective Finance for Investment in England
Are you looking to invest in the growth of your business? Will this investment improve productivity, skills and employment? Do you need financial help to make this happen?
If so, the Selective Finance for Investment in England (SFIE) scheme could be your gateway to growth.
What is it?
Selective Finance for Investment in England is a discretionary scheme designed to support businesses intending to make investments in order to grow.
The primary objective of this scheme is to drive growth in the East of England's businesses by improving productivity and creating or safeguarding skilled jobs.
Typically a grant could be used to buy or lease a plot of land or building to enable business expansion. Alternatively, funding may be used to refurbish a building or invest in new machinery or manufacturing processes to develop new products. It may even be used to invest in patent rights and licenses.
Grants will, on average, cover 7.5 per cent to 15 per cent of the project's total cost. £10,000 is the minimum grant value available.
Am I eligible?
Tier 2 areas:
Companies applying for support should be based in, or plan to relocate to, 'tier 2 assisted areas' (certain areas of Luton and Dunstable). Use the postcode checking tool to cross-reference your location with the following eligible areas:
Luton areas - Biscot, Challney, Crawley, Dallow, High Town, Lewsey, Round Green, Saints, South Stopsley and Wigmore.
Dunstable areas - Houghton Hall, Icknield, Parkside and Tithe Farm.
Tier 3 areas: (SMEs only)
Other companies throughout the region can apply for SFIE provided they are a small to medium-sized business.
SME headcount from 1 January 2005:
|
Enterprise category |
Headcount |
Annual turnover |
OR Annual balance Sheet |
|---|---|---|---|
|
Medium |
< 250 |
< €50 million |
< €43 million |
|
Small |
< 50 |
< €10 million |
< €10 million |
|
Micro |
< 10 |
< €2 million |
< €2 million |
All projects should be new with no prior commitments to expenditure. SFIE support must be integral to your project's success and should demonstrate that all other appropriate sources of funding have been exhausted.
Most industry sectors are eligible for support. However, specific industries are excluded by national and European rules:
- agriculture, farming and fisheries
- coal, steel and synthetic fibres
- transport and shipping.
Click here for details of further possible sector restrictions.
What are the assessment criteria?
Your application will be assessed against the following core criteria:
- number of jobs created and/or safeguarded
- the potential increase in productivity as a result of the project (GVA)
- the potential increase of skills levels amongst employees
- the value for money
- the level of innovation and research and development.
Other considerations which apply will be taken into account on a case by case basis.
When can I apply?
You can apply now. Selective Finance for Investment in England is a rolling scheme and EEDA welcomes applications all year round.
How do I apply?
Click below to download an SFIE pre-application questionnaire.
Complete and return this document to Caroline Hill, executive for SFIE at EEDA, at carolinehill@eeda.org.uk.
Having completed the pre-application questionnaire, if your business is eligible to receive SFIE support, click below to download the application forms and BERR brochure containing scheme details:
- application form
- financial appendices
- SME self-declaration
- BERR brochure
- SFIE guidelines
- fact sheet.
Your completed application form will need to be accompanied by various documents including a business plan, company accounts and evidence of match funding - please see the back page of the application form for the checklist.
Where can I go for further information and advice?
If you need to speak to someone about your investment plans or need further advice on your eligibility for SFIE funding, please contact Caroline Hill, executive for SFIE at EEDA, on 01223 713900 or email carolinehill@eeda.org.uk.
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