Funding Links

For assistance in finding suitable grant or support schemes it is worth contacting Herefordshire and Worcestershire Chamber of Commerce on 0845 641 1641 or Business Link on 0845 113 1234. The advisors there will be able to help with your specific requirements and will know about forthcoming schemes which may help you.

Websites with information on possible funding opportunities for businesses can be found in this section. The sites are summarised below:

Advantage Business Angels
Venture capital consortium focusing on small UK businesses. The Advantage Business Angels Consortium is a venture capitalist company providing funding for small businesses in UK. It was formed in November of 2002 and consists of:

• The Business Angels Bureau - the lead contractor for the Consortium. BAB holds the contracts for the consortium and provides the management and operations infrastructure. BAB has a long and successful track record raising money for early stage businesses.
• University of Warwick Science Park - the technology specialist within the Consortium. UWSP has world class strengths in the nurturing and development of technology based businesses.
• Herefordshire and Worcestershire Business Link provide the interface to the regional Business Links to enable a seamless service to be provided to early stage businesses.
• National Business Angels Network - the National body for business angel work. Charged by the DTI with setting up national standards to help the development of the angel market in the UK.

If you are interested in venture capital funding or want to make venture capital investments then check their website.

Advantage Enterprise and Innovation Fund
The AEIF is a £20m private equity fund established in 2005 to provide capital for expanding businesses. Investors in the fund include Advantage West Midlands and The European Regional Development Fund. Catapult Venture Managers Limited manages the Fund and aims to make commercial equity investments in small and medium sized companies throughout the West Midlands.

Advantage Growth Fund
The Advantage Growth Fund is a £20 million Fund established with funding from the Small Business Service (Dti), the European Investment Fund, Barclays Bank, the Royal Bank of Scotland, HSBC, the universities of Warwick, Coventry, Aston, Birmingham and Central England and Millpoint West Ltd (a subsidiary of Midven). The purpose of the Fund is to provide venture capital to small to medium sized enterprises located in the West Midlands region. Typically, it will invest in young, well managed businesses with high growth potential.
The fund can provide venture capital investment of up to £250,000 in any one company at any one time. It can provide further venture capital to existing investee companies providing the total investment in any one company does not exceed £500,000.

Bridges Community Ventures
Bridges Community Ventures is the UK's first community development venture capital company, established to invest by buying shares in ambitious businesses in the most under-invested parts of England. In Herefordshire these are parts of South Hereford city and some parts of North Herefordshire - check your postcode on the website.

Innovation Networks
The Innovation Networks programme encourages collaboration between small and medium sized companies, with each contributing its own specialist knowledge, expertise or technology.
Projects should:

• Benefit the West Midlands regional economy
• Develop an innovative new product, process or service
• Cost at least £26,000 in total (including the cost of staff time).

If approved, a grant of £10,000 is available, paid in two instalments, one at the beginning and the other at the end of the project.
Applicant must be within the Objective 2 area and also have partnership with at least 2 small and/or medium sized enterprises (SMEs) who are also based in an objective 2 area in the West Midlands.

Knowledge Transfer Partnerships
The Department of Trade and Industry and the University of Gloucestershire are working together to create Knowledge Transfer Partnerships by providing grants to allow high calibre graduates to work in small to medium sized companies on strategic projects. The following are example types of projects:

• Developing and implementing new management processes and support systems
• Designing and developing a state-of-the-art, web-based, integrated portal for supply purchasing
• Implementing a corporate ERP system
• Designing and implementing a marketing strategy to develop new routes to market
• Designing and evaluating e-learning packages