XL Business Finance has access to the Government’s Regional Growth Fund.
The fund provides a 20% deposit contribution on capital expenditure on new or used equipment, up to a maximum of £10,000 per job created or safeguarded.
Example one
Your business is investing in a new machine tool at £120,000. As a result you will create 2 additional jobs. You could be eligible for a grant of £20,000 towards the deposit of the tool.
Example two
Your business is buying a used printing press at £41,000. As a result you will create one new job. You could be eligible for a grant of £8200 towards the deposit of the tool.
Eligibility
- Small or medium sized business with fewer than 250 employees and turnover less than £35m
- Customer must pay a 5% deposit contribution from their own cash flow
- A business must not meet the finance companies normal lending criteria. This could be simple as not having the required deposit or being unsure as to whether you can afford the monthly payment.
- Approximately 12 months after the loan starts, your auditor will be required to provide formal confirmation that the commitment you have made to create or safeguard jobs has been fulfilled.
Key Features
- RGF monies take the form of a grant
- The level of the grant available is based on the size of your business, the amount of the investment, the number of jobs that will be created or safeguarded.
- The balance of the loan will be funded on either a hire purchase or finance lease facility the terms of which will vary depending on your credit status.
For further information contact us now.
