New RGF Access to Finance Grants Available from UK Steel Enterprise

12th March 2013

UK Steel Enterprise is set to launch a new Access to Finance scheme to benefit growing companies in the Sheffield City Region.

Supported by the Government's Regional Growth Fund (RGF) programme, the new scheme will provide grant funding alongside loan and equity finance provided by UK Steel Enterprise to help local companies grow and create jobs. The RGF supports projects and programmes that lever private sector investment to create economic growth and sustainable employment, objectives which are similar to those of UK Steel Enterprise.  UK Steel Enterprise is the subsidiary of Tata Steel that provides business growth finance of between £25,000 and £750,000 to growing companies in the traditional steel-making areas of the UK. The new Access to Finance grant scheme is expected to go live this spring but UK Steel Enterprise is already taking enquiries and companies interested should contact its Sheffield office as soon as possible with details of their proposals. Keith Williams, UK Steel Enterprise Regional Manager said; -This is a boost to Sheffield region companies with genuine growth prospects and will enable UK Steel Enterprise to provide a package of business finance products which could include grant funding, business loans and equity based development capital. We would like to hear from any company considering proposals that will create sustainable jobs. The grant funding element will be available to part finance eligible expenditure, which includes capital investment in plant and equipment, and applicants must demonstrate the creation of sustainable jobs as a result of the project.  The amount of grant available will vary depending on location, the nature of the project and the number of jobs being created but could be up to 35% of eligible expenditure. The RGF scheme will also be available in the following areas:  South Yorkshire, Chesterfield, Worksop, Teesside, Hartlepool, Consett, West Cumbria, Humberside, Gainsborough, the Black Country, Stoke-on-Trent and Corby. For further details, please contact UK Steel Enterprise on 0114 270 0933.

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