In response to the COVID-19 crisis, the Cambridgeshire & Peterborough Combined Authority (CPCA) Capital Grant Scheme provides a vital flexible capital subsidy to help Registered Limited Companies.
For grants of £2,000 - £49,999, we will fund up to 80% of the total equipment costs. For grants between £50,000 - £150,000 we will fund up to 50% of the total equipment costs.
In order to apply for this grant, both the applicant and the project must be eligible. Eligible applicants are Small to Medium sized Enterprises (SMEs) in the CPCA area. These are discretionary grants and each application is judged fairly and on its individual merits.
An SME is any registered limited company with fewer than 249 employees, a turnover not exceeding 45 Million Euros, and a balance sheet that does not exceed 46 Million Euros. The CPCA area is Peterborough City, and the district council areas of Cambridge City, South Cambridgeshire, Huntingdonshire, Fenland, East Cambridgeshire, Rutland, West Suffolk, North Hertfordshire, Uttlesford, Lincolnshire - South Kesteven and South Holland, Kings Lynn and West Norfolk.
All applicants must be able to produce evidence of income generation, by means of submitting copies of their accounts.
Eligible projects are those which involve the outright purchase of capital equipment. We cannot accept applications for equipment that will be purchased using Hire Purchase, Lease Purchase or any type of Credit Sale.
For grants between £2,000 - £49,999, we will fund up to 80% of the total equipment costs. For grants between £50,000 - £150,000, we will fund up to 50% of the total equipment costs. The total cost of the equipment must be at least £2,600 - we cannot accept applications for equipment costing any less.
The grant is capped at £150,000, even if the total project costs exceed £300,000. Despite the UK entering the transition period of EU exit, we are still subject to EU rules and regulations. As such, the EU state aid rule, De Minimis, still applies although there is a temporary framework in place during the COVID-19 outbreak to further support the economy.
Unfortunately we cannot accept any applications for revenue expenses, such as consultancy fees, software licenses, salaries etc. However, the costs of delivery and installation by the supplier are eligible. In some cases, building work may be eligible.
We aim to turn around applications as quickly as possible, but please be aware that it may take up to four weeks from receipt of a fully completed application to a decision being made as to whether the application is successful or unsuccessful. However, during these uncertain times, we are striving to make the decision within two weeks.
Any applicant that cannot reclaim VAT (for example by reason of not being registered for VAT) must ensure that this information is provided in the application form. All grants are paid exclusive of VAT if the applicant is VAT registered. If the applicant is not registered for VAT then the total project costs should include the VAT element, but this cannot be applied retrospectively if the CPCA are not made aware of this in the initial application.
A grant offer letter MUST be received by applicants BEFORE any deposits are paid or goods ordered. Grants claims must be submitted with evidence of delivery of goods (e.g. picture) and supporting documentation such as delivery notes and invoices. The CPCA aims to pay all grant claims within 14 days of receipt of claim. Provided that the supplier of goods to the grantee is on standard monthly terms, this will allow the grantee to receive the funding from the CPCA prior to paying their supplier, thereby negating potential cashflow issues. CPCA officers will be undertaking random visits to grantees premises after the COVID-19 restrictions have been lifted to ensure that equipment purchased via the grant scheme is installed on the grantees premises.
Any grant offer is at the discretion of the CPCA, The CPCA’s decision is final, and there is no right of appeal.
All applicants must be able to demonstrate how the purchase of grant funded equipment will protect and/or generate new jobs.
Whilst the grant can pay up to 80% of the total project costs, it is a requirement that at least one new job will be protected or created for every £25,000 (or part thereof) of grant funding. For example, a grant of £50,000 could only be applied for if 2 jobs were to be created or protected.
For more information, visit https://cambridgeshirepeterborough-ca.gov.uk/business-board/covid-19-capital-grant-scheme/