1107 Focus Spring 2020 Print - Page 14

by Matt Hustwit
growth hub funding advisor
at staffordshire chambers
of commerce
We currently have access to and can signpost via
the Growth Hub, various supported funding streams
including grants, debt and equity funds. Most of
these funds are supported via ERDF (European
Regional Development Funds) and the Midlands
Engine Investment Fund (MEIF) supported by the
British Business Bank.
The caveat to the grant funds is that they have
very specific eligibility criteria. They are usually only
available to Staffordshire or Stoke-on-Trent based
SMEs who have been trading for a minimum of 12
months and are operating in an eligible sector. Also,
they must trade predominantly B2B (business to
business) and be creating new employment.

Small Business Grant Scheme assists with
capital expenditure projects and provide up to
60% grant funding to a maximum of £10,000.

Grants for Growth assists with capital
expenditure projects and provide up to 30%
grant funding to a maximum of £160,000.

Low Carbon Business Evolution Programme
provides grant funding to assist companies in
reducing their carbon output and energy use.

New Product Development Grant provided by
the Business Innovation Centre (BIC) offers up
to £5000 to assist with consultancy costs.


BCRS Business Loans supported by Midlands
Engine Investment Fund (MEIF) providing
supported loans to companies declined by
mainstream lenders – loans between £25,000
& £150,000.

Maven Capital supported by MEIF providing
similar loans to the above but larger loans
between £100k & £1.5m.

Michelin Development Loan Scheme
providing North Staffordshire businesses
with subsidised, unsecured loan funds up to


Midven supported by MEIF, providing equity
finance up to £2m for businesses with
ambitious growth plans.

Mercia supported by MEIF, providing proof
of concept, early stage equity funding up to
£750,000 for businesses looking to get their
product off the ground.

For more information and to find out how you can
benefit from the funding businesses should call the
Stoke-on-Trent and Staffordshire Growth Hub on
0300 111 8002 or visit stokestaffsgrowthhub.co.uk


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