Business - Finance & Funding

Getting the right type of grants, funding and finance for your business is essential. There are many different types available - each of them designed to meet different needs.

East Cambridgeshire Apprenticeship Sponsorship Grant

East Cambridgeshire businesses can apply to take advantage of the Apprenticeship Sponsorship Grant on offer from East Cambridgeshire District Council.

As an East Cambridgeshire employer you could get up to £3,500 when you employee a young apprentice who lives within the district.

If a business takes on a young person as an apprentice from within the East Cambridgeshire district they can apply for a top up grant of up to £2,000 in addition to the national £1,500 AGE grant for taking on a young apprentice.

To qualify for the grant the business must:

  • Be based within the administrative boundaries of East Cambridgeshire District and have less than 250 employees
  • Employ an apprentice who is aged between 16-24 years, and must reside or attend a school within the administrative borders of East Cambridgeshire
  • Must not have employed more than 10 apprentices in the last 3 years
  • Businesses can benefit from a maximum of one grant

In return for the grant funding, East Cambridgeshire District Council asks that in addition to employing a local East Cambridgeshire resident, the business takes part in one school - business liaison event over the next 12 months to help support our young people develop.

If you want to take advantage of the skills and funding available within East Cambridgeshire please contact the business Enterprise team via:

Tel: 01353 644000
Email: business@enterpriseeastcambs.co.uk

Business Development Funding

If your business is looking to invest to grow there are a number of funding streams that could help support your growth. For example any business investing in hardware/software & connectivity could qualify for ICT grants and business support through Destination Digital, a business looking to upgrade its premises or replace equipment with new efficient machinery or vehicles could apply to Grants4Growth and businesses looking to implement manufacturing improvement projects could potentially get support through the Manufacturing Advisory Service.

To find out more please email the team to request more information business@enterpriseeastcambs.co.uk

Energy Efficiency Financing

The Carbon Trust is an independent company funded by Government. Its role is to help the UK move to a low carbon economy by helping business and the public sector reduce carbon emissions now and capture the commercial opportunities of low carbon technologies. They offer leases, loans and other financing options. New, more efficient equipment should lower energy bills and with payments calculated so that they are offset by the anticipated energy savings, the financing option is designed to pay for itself.

 

Foundation East Business Loans

We lend money to small businesses and social enterprises that have workable business plans but can't get a bank loan or need additional funds to match bank lending. We aim to help people from all backgrounds overcome financial disadvantages and raise money for business. Without access to finance many businesses do not get off the ground and others are unable to expand. Foundation East is a non-profitmaking organisation. We are an ethical lender. Our charges are transparent and designed to cover the costs of providing the service. Enterprise Loans range from £3,000 to £50,000. Terms are from six months to ten years. Interest rates vary depending on the business. The rates will usually be in the range of 12-15%. Please contact us for a written quotation.

To apply for a loan, telephone our office on 01284 757777 to discuss your requirements with one of our team.

Business Rates

Non-Domestic Rates, or Business Rates, are collected by local authorities for central government. Business rates mean businesses contribute towards the cost of providing local services. Each non-domestic property has a rateable value set by valuation officers of the Valuation Office Agency (VOA).

Small Business Rate Relief

You will be eligible for a discount under the small business rate relief scheme in England if you only occupy one property and it has a rateable value below £12,000.

Until March 2015 you'll get 100% relief (doubled from the usual rate of 50%) for properties with a rateable value of £6,000 or less. This means you won't pay business rates on properties with a rateable value of £6,000 or less.

The rate of relief will gradually decrease from 100% to 0% for properties with a rateable value between £6,001 and £12,000.

If you have more than one business property, the discount is only available if the rateable value of each of the other properties is below £2,600. If this is the case, the rateable values of all the properties will be combined and the relief is applied to the main property based on the total rateable value.

However, if you occupy a property with a rateable value below £18,000 (£25,500 in London) and you are not receiving a different mandatory relief, you will be eligible to have your bill calculated using the small business multiplier, regardless of the number of properties you occupy.

The Government has also simplified the process for claiming the relief by removing the legal requirement for an application form in order to claim the relief.  However, if you are not receiving the relief and you think that you are eligible, you should contact your local billing authority.

For more information please visit the Anglia Revenue Partnership Business Rate Reliefs.