Check out possibilities for funding

May 26 2009 by Neil Warwick, The Journal

AS with all markets, the market place for funding for SMEs is in a state of flux at the minute.

The UK as a whole is entering a new European Regional Development Fund programme for the next four years, but this is predicted to be the last of its kind following the enlargement of the European Union and the accession states joining the EU.

It is also likely that there will be a shift in emphasis following the General Election in 2010. It is expected that funding will migrate in part from the regional development agencies (RDAs) to the local authority economic regeneration delivery bodies and that their budgets will be reduced because of the Comprehensive Spending Review and the 2012 Olympics.

Ironically, the shift in funding patterns coupled with the tightening up of state aid rules and the introduction of the general block exemption regulations offers a better opportunity than ever for SMEs to get funding and to be assisted by public money.

The amount of funding an SME can receive from the state has recently risen from €200,000 to €500,000 over a three year period.

SMEs can therefore claim more money now, however, until the Business Support Simplification Programme kicks in, the landscape for obtaining money will be just as confusing as it ever was. The Kudos team at Dickinson Dees does not just look at legal advice, but at the wider business aspirations of SMEs, analysing what the company requires now and also in the future.

Essentially, there are four agencies or categories of agency in the North East to assist SMEs, and all differ slightly in the size of funds and grants they have available. Larger grants are available from RDAs such as One North East.

Other grants and sign posting of funding is available through Business and Enterprise North East which runs the Business Link in the region, moving through to enterprise agencies such as Entrust and finally, local authority economic regeneration bodies can also assist.

Ask a business adviser where “free money” can be found.

For information on how Dickinson Dees can help SMEs throughout the region, please contact Neil Warwick on (0191) 279-9375.