Regional Assisted Areas
Assisted Areas are those parts of Great Britain where regional aid may be granted under European Community law. Regional Selective Assistance is the main form of such aid in Great Britain. It is a discretionary grant, awarded to secure employment opportunities and increase regional competitiveness and prosperity in those areas where assistance is both needed and regional industrial aid an appropriate policy response.
Assisted Areas In The South Hams
Parts of the area of the South Hams bordering Plymouth are eligible for this type of assistance; these include Langage, Broadley Park and Hursley employment estates.
The dti website gives further information.
The Assisted Areas in the South Hams have been classed as "Tier 2" under Article 87(3)c of the Government’s proposals for Assisted Areas. In line with the results of the public consultation, the areas proposed have been built up by wards and seek to capture areas of acute labour market need. In drawing up these proposals, the Government’s aim has been to combine areas of need with major areas of opportunity for employment creation, investment and regeneration.
Selective Finance for Investment - How much?
The amount of finance for investment depends on the needs of the project and its impact on productivity and skills. Successful businesses typically receive around 10-15% of a project's total eligible capital expenditure but support can vary widely either side of these figures depending on the need and quality of the project. There is a minimum application threshold of £10,000 assistance. Grant is normally calculated as a proportion of eligible capital investment. However, where this expenditure is insufficient, grant may be assessed against new jobs created.
Funds are normally payable in instalments on reaching fixed capital expenditure and job targets, which are set out in a formal offer of support.
Business Link Devon and Cornwall Business Link will be able to advise you on the application process for SFI and may also (possibly for a charge) help you prepare your application. The Business Link Contact Centre is 0845 600 9006. |
