Businesses in Stone and the surrounding area can apply for interest-free loans of between £5,000 and £100,000 to help pay for new equipment, improvements to premises and other investments.
The Scale Up Staffordshire programme, run by Staffordshire County Council and Stoke-on-Trent City Council, is aimed at established small and medium-sized businesses looking to expand or improve productivity.
Businesses must have been trading for at least three years to qualify, and the loans are available to eligible firms across Staffordshire and Stoke-on-Trent, including those based in Stone.
How does the loan work?
The scheme can cover up to 80% of an eligible capital investment, with the business funding the remaining 20%.
For example, a Stone business planning a £10,000 equipment upgrade could potentially borrow £8,000 interest-free and contribute £2,000 itself.
The loan would then need to be repaid over two to four years, with no administration fee.
Funding is available for projects involving site development, energy efficiency improvements, equipment purchases and upgrades, and investments designed to improve productivity.
The scheme is for capital expenditure rather than everyday running costs, and applications are subject to eligibility and financial checks.
Who can apply?
Businesses must be based in Staffordshire or Stoke-on-Trent, or be planning to relocate into the area.
They must also meet the definition of a small or medium-sized enterprise, have traded for at least three years and not receive public funding to operate.
The council will carry out financial checks, and additional conditions apply to projects involving alterations to premises.
Staffordshire business already benefiting
Cannock-based Kazoo Printing Solutions has become the first business to benefit from the programme, receiving a £100,000 loan to invest in a new UV LED hybrid printer.
Staffordshire County Council says the new equipment has doubled the company’s printing output and reduced running costs, allowing it to take on larger orders.
Simon Talbot, director of Kazoo PSG Ltd, said
“If it weren’t for the loan we would have had to wait 12 months to implement this project.”
Martin Murray, leader of Staffordshire County Council, said the programme was intended to help more businesses invest in equipment and technology to support their growth.
How to find out more
Stone businesses interested in applying can contact the Scale Up Staffordshire team by emailing ScaleUp@staffordshire.gov.uk.
Full eligibility conditions and further information are available on the Staffordshire County Council website.
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