Liverpool City Region offers a range of financial incentives and support options for businesses. For qualifying investment projects the support on offer may involve equity, loan or funding packages.
The City is within an assisted area and as a result there is flexibility in the provision of grant funding packages. The City also has an Enterprise Zone and businesses who are located in this area can gain financial benefits.
Financial incentives on offer include:
Merseyside Speical Investment Fund (MSIF)
MSIF can provide finance to Liverpool City region businesses in the form of loans or equity between 25,000 and £2m.
MSIF – High Growth Business Investment
MSIF has a High Growth Business Investment Programme. Providing grants of up to £75K, or up to 20% of the total cost of a project. Finance can be used for businesses wanting to expand or relocate in the Liverpool City Region and create or preserve jobs in the area.
Lower rate of corporation tax
The rates were set at 20% from April 2015, with plans by Government to reduce the rate of tax to 18% by 2020.
Innovate UK funding can range from innovation vouchers (up to £5k) to fund projects requiring external research expertise through to larger scale project calls.
R&D Tax Credits
The Government have set aside approximately £1.5bn per year for companies they deem to be undertaking qualifying R&D activities. Companies can claim cash repayments of up to 33% of the qualifying R&D expenditure.
Companies are able to apply a lower rate of corporation tax (10%) to profits earned from their UK-registered patented inventions and certain other innovations. The Patent Box provides one of the strongest offers of its kind in Europe.
£300m of funding has been made available to stimulate R&D partnerships between Universities, businesses and charities.
Recruitment and Training support
Liverpool in Work Recruitment and Training Support is a free of charge recruitment and staff development service. Services include dedicated account manager, vacancy advertising, job matching, applicant shortlisting, administration support and organisation and management of recruitment workshops.
Northern Powerhouse Investment Fund (NPIF) by British Business Bank
The £400 million Northern Powerhouse Investment Fund (NPIF) is an initiative launched by the government-owned British Business Bank with an aim to assist the region’s one million businesses with their growth plans. NPIF provides commercial finance through three types of product funds: Microfinance, Debt Finance and Equity Finance.
New Markets Programme
The New Markets Programme is a way for Liverpool City Region based businesses to access high value, commercial business advice, tailored to your business needs and chosen by you. Eligible businesses can receive a 35% contribution to the cost of commercial advice that supports business growth.
Any funding award is subject to qualification and suitable applications, but we can advise on the support that may be available for your Company. Take a look at the ‘Funding for Economic Development’ brochure here.
Contact our team to find out more about financial incentives.