Funding
There are a wide variety of funding programmes operating within the district providing vital support for businesses to help them to start, grow and adapt.
From capital grants to enable the purchase of equipment to funding designed to move your business forward digitally. From start-up grants to get your business up and running to funding that can help support change and innovation within your business. Support is available to help upskill existing employees and support businesses to take on new ones. Loans and financing options to help with cash flow or larger expansion plans. Need help to find new customers and markets? There is a grant for that too!
Our team provides a “one stop shop” service to help your business search for funding and put you in touch with the right people.
Current funding schemes:
Capital
PAPI
PAPI can support the purchase of equipment that enables the development of products that are new to the business or the market. The funds can also support process equipment as long as this leads to the development of a new product.
The programme offers up to 40% funding for equipment that enables innovation and which generates new jobs and growth, up to a maximum grant value of £20k. Expert business development support to help develop funding proposals is also provided.
Spark Fund
SparkFund is an innovation support and grants programme that helps businesses to improve or develop exciting new products, services or processes. There are three strands to the Spark Fund; Innovation Vouchers, R&D Grants and Low Carbon R&D Grants.
SparkFund – Innovation support and grants for SMEs (spark-fund.co.uk)
Supply Chain Network
This project supports businesses to take advantage of new supply chain opportunities. It offers many elements of support including: a free directory to help promote businesses, specialist advice and support delivered through a resource portal, expert advisors and events and a grant scheme. The grant offers up to 50% for projects between £2,000-£10,000.
The Supply Chain Network website
Richmondshire District Council Small Business Grant Scheme
The Small Business Grant Scheme has been established to encourage the formation of new enterprises and stimulate the growth of established small businesses. The grants are targeted at new business start-ups and businesses less than 36 months old with no more than 5 employees.
Loans
Northern Powerhouse
The Northern Powerhouse Investment Fund provides commercially focussed finance through Microfinance, Debt and Equity Finance funds
- For recent start-ups and existing SME businesses seeking to borrow £25k – £100k to kickstart activity
- For SMEs needing to borrow larger amounts to finance growth £100k-750K
- For SMEs with ambitious growth plans seeking an equity injection of up to £2m
Homepage – Northern Powerhouse Investment Fund (npif.co.uk)
Business Enterprise Fund
Business Enterprise Fund is a not-for-profit social enterprise, set up to provide loans to SME businesses that will help them thrive and grow when other lenders can’t fully assist. The range of loans include:
Start-up loans, government backed £500-£25,000
Business loans, Unsecured and secured, flexible £100,000-£250,000
Start-Up Loans
A Start Up Loan is a government-backed personal loan available to individuals looking to start or grow a business in the UK.
In addition to finance, successful applicants receive 12-months of free mentoring and exclusive business offers to help them succeed.
All owners or partners in a business can individually apply for up to £25,000 each, with a maximum of £100,000 available per business
What is a Start Up Loan? | Start Up Loans
Virgin Start Up Loans
This loan offers between £500 and £25,000 to help launch or grow a business and includes 12 months of mentoring too.
Virgin Start Up Loans – Support and Advice to Start Your Own Business