OCTOBER 2016 - Could a grant help grow your business?
If you’re looking for help to grow your business, a grant could be the perfect solution. French Duncan is proud to have one of Scotland’s pre-eminent grant assistance teams in house, and has helped businesses secure almost £100m of awards over the past decade through schemes including Regional Selective Assistance (RSA), SMART: SCOTLAND and the Food Processing Marketing Co-operation.
In this blog, French Duncan’s Corporate Advisory Senior Manager, Graeme Smith, offers his insights into how businesses can make the most of grant assistance packages available on the market.
“Available for large companies as well as SMEs or start-up ventures, grants can play an important role as the final piece in a funding package jigsaw when you’re looking to grow your business. Whether you’re expanding your premises, taking your products or services overseas, or bringing a new product to the market, a grant can help share the risk to you as the entrepreneur.
“Regional Selective Assistance is the most viable option if you’re looking to undertake a capital investment which will create or safeguard permanent jobs. Even where a relatively low level of capital spend is involved, RSA can offer material assistance where permanent jobs will be created. As this is a Scottish Government initiative, you must be able to show that the grant will result in a net increase in employment and economic activity within Scotland.”
“If your growth ambitions are more about innovation, you might want to consider other types of grant. Early stage feasibility studies (SMART: FEASIBILITY) through to large R&D Grants are available, and they are generally offered across a broad range of sectors - not just those seen traditionally as high technology.
“Scottish Enterprise is the main grant awarding body in Scotland covering RSA, innovation, training and investor readiness grants. Other providers include the Scottish Government, which focuses on food processing, marketing and co-operation grants, Innovate UK (formerly Technology Strategy Board), as well as all local councils.
“When Brexit comes, it is likely that the whole grant issue will become more complex, as many Scottish Government and Scottish Enterprise grants come from European sources. At the moment, the message is that it is very much business as usual, but clearly, grants and state aid will be part of the complex discussions which will take place over the months ahead.”
Regardless of the type of grant, early planning and expert advice is vital. An initial call to the French Duncan team can prove invaluable, with help and advice available at all stages of the project.
For more information, visit www.frenchduncan.co.uk/services/grants