The proposal is to set up a small Innovation grant scheme and a small loan fund:
- The Innovation Grant will provide up to £2k to Calderdale businesses and social enterprises to support the development of innovative products, practices or processes
- The Innovation Loan Fund will be targeted at businesses supported by Calderdale’s ERDF funded “Business Creativity” project, and will provide a small loan of up to £20k over three years as part of a funding package (expected to be a maximum of 20% of total funding package).
- Business investment can be measured in the short term: A ratio of 1:4 public to private investment would be the target (£0.3m attracting £1.2m private investment). The longer-term aim is to increase employment levels. As the loans are re-paid over time, the fund will be maintained in the long term. With the reward grant payment of £300k, over 100 new jobs would be created, 200 jobs would be safeguarded and over £1.2m of investment would be attracted. The Innovation Grant would support 50 companies to innovate and is expected to bring in a further £100k of private investment.
Latest monitoring information:
August - October 2012
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April - July 2012
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January - March 2012
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October - December 2011
- Discussions have been held with West Yorkshire Enterprise Agency who will be responsible for promoting the Loan Fund alongside other loans offered by the Chamber. The Loan is expected to be at 20% of total cost.
- The Innovation Grant is available as an offer to businesses supported through the ERDF funded Business Growth Calderdale project.
- Job creation and safeguarding are included as conditions of the offer – and will be monitored to ensure compliance.
- The ERDF project is now operational, following its approval, with a formal launch planned for April 26th. Five companies have been approached and are in discussion with the business engagement team to develop project ideas for future grants.
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