Grants are available to support businesses that have a turnover of less than £25million, are recruiting new employees, and are purchasing new fixed assets.
HSBC has £25million from the Regional Growth Fund fund to support businesses that are purchasing new fixed assets such as machinery and vehicles.HSBC is one of the first financial services provider to participate in the programme.
They have created the 'Assisted Asset Purchase Scheme' which enables qualifying businesses to obtain funding towards the acquisition of assets where they would not ordinarily be eligible due to the lack of sufficient stake.
This could be the right solution for you if
- you are an existing HSBC customer or
- you are creating additional employment or
- you wish to purchase an asset but lack a sufficient deposit
The level of available support (grant) is based on the size of your business, the location where the asset will be employed, level of asset investment and the number of Full Time Equivalent (FTE) jobs being created.
As the borrower, you commit to creating or protecting a number of FTE jobs, based upon the amount of RGF grant received. One job must be created/protected for every £25,000 of grant received, up to a maximum of £500,000.