The Marches Building Investment Grant, which is part-financed by the European Regional Development Fund, is available across the Marches Local Enterprise Partnership (LEP) geographical area which covers Herefordshire, Shropshire and Telford & Wrekin. This scheme is now closed to applications from Herefordshire. The budget has been fully committed for this area.
Worth £2.2m and aimed at SMEs, the scheme offers capital grants to facilitate new build developments, reconfiguration, extension or renovation of commercial business premises. The scheme can also support new plant and machinery to compliment the proposed building project. It is anticipated that the scheme will attract private sector match funding of up to £2.2m and create approximately 90 jobs.
Grants can be for up to 50% of the total project costs (up to a maximum £150,000) and applicants can be owner-occupiers or tenants – those who are tenants must have a fixed term lease with at least 6 years unexpired.
Eligible projects should also aim, on completion, to create at least one full-time job within four months and the total job creation projections will be taken in to consideration when assessing the level of grant to award.
Applications should be made by businesses which operate with other businesses (B2B operations), although there are some restrictions in place.
Retrospective applications are not eligible; the conversion or refurbishment of residential property is exempt and buildings which will be used for agricultural, horticultural, retail or hospitality purposes cannot apply either.
Grants are paid towards the costs directly associated with the conversion/alteration of a building and the funds cannot be used towards the cost of purchasing the property, or ‘excessive’ landscaping.
The Marches Growth Hub team can help businesses with the application process. Contact your local Growth Hub, details below, or complete the contact form below.
Herefordshire 01432 383343 [email protected]
Shropshire 01743 250526 [email protected]
Telford & Wrekin 01952 567589 [email protected]
Full details of eligibility can be found here Community funding advice and business grants – Herefordshire Council