The Heart of the South West Local Enterprise Partnership (HotSW LEP) has launched a new £900,000 grant scheme for foreign-owned companies investing in the area to create jobs in Devon, Plymouth, Somerset and Torbay.
The Heart of the South West Inward Investment Support Project grant scheme is funded by the European Regional Development Fund (ERDF).
Funding is available to companies that are newly landed and existing, foreign-owned businesses that are based in the Heart of the South West.
Qualifying companies must be a small to medium-sized enterprise (SME) employing less than 250 employees, with a turnover below 50 million Euros a year in eligible ERDF sectors including: Aerospace & Advanced Engineering; Agri-tech/Food and Drink; Environmental Futures; and Marine Industries. If the business is new to the area they must be non-EU owned.
Funding is available for both capital and revenue investment, including machinery, fixtures, fittings, business accommodation and workspace, services & consultancy, digital marketing, intellectual property, quality management, and IT systems.
Chair of the Heart of the South West LEP, Karl Tucker said: “We are delighted to launch this new grant scheme to companies who’ve chosen the Heart of the South West as their base for relocation or expansion.
“Our aim is to generate more and better jobs in high value careers, so this incentive for companies to invest will be an added boost to the already growing popularity of HotSW as a profitable business location offering an excellent quality of life.”