Grants and incentives to help your business grow or get started in Great Yarmouth
Incentives for businesses
Enterprise Zone Status
Beacon Park and a number of sites in the South Denes port area have Enterprise Zone status forming part of the Great Yarmouth and Lowestoft (New Anglia) Enterprise Zone.
Locating in an Enterprise Zone has the following benefits for businesses:
- Business rates relief of up to £275,000 over 5 years, subject to eligibility
- Simplified planning through Local Development Orders
- Provision of super-fast broadband
For more information about Enterprise Zone status, email Eunice Edwards at the New Anglia LEP or call 07808 647203.
Assisted Area Status
Great Yarmouth also has Assisted Area status. Assisted Areas are recognised in European state aid rules as being less economically advantaged places that would benefit from additional support for development. As a result, financial support from Government is permitted to undertakings, typically businesses, for new investments in these areas.
A report from the Department for Business Innovation and Skills provides further information about Assisted Area status.
Grants and funding programmes
A number of grants are available to help businesses in Great Yarmouth. The New Anglia Growth Hub is able to offer support and assistance with application process in many cases.
New Anglia LEP Growing Business Fund
New Anglia Growing Business Fund can be accessed via the New Anglia Local Enterprise Partnership. Grants are available of up to £500,000 for businesses who want to grow and create new jobs. Businesses in qualifying areas may apply for a grant of up to 30% of the total cost of a capital investment project such as premises expansion or plant and machinery, which can be used to leverage funding from other sources such as banks and other financial organisations. The fund is delivered by New Anglia LEP in partnership with Suffolk County Council and Finance East.
New Anglia LEP Micro Grant Scheme
The Micro Grants Scheme offers grants between £1,000 and £10,000 to Micro, Small and Medium sized businesses wanting to grow and expand, improve their productivity or efficiency or introduce a new product or service. Contact New Anglia Growth Hub for more details.
Oil and Gas Business Support Scheme
New Anglia LEP with partners, including Great Yarmouth Borough Council, is responding to the current downturn in oil and gas prices through two schemes to support the sector. The long term objective is to restore participating companies to a position of stability and sustainability, and ideally to set a growth trajectory. The key aim is to help each participating company to survive the current downturn. Participating companies that meet the eligibility criteria will be able to access grant aid, so they can bring in specialist support to help their company. Contact New Anglia Growth Hub for more details.
Business Energy Efficiency
The Business Energy Efficiency (BEE) programme provides free support to eligible organisations in Suffolk and Norfolk to help them become more energy efficient.
- Energy experts from BEE can visit business’ premises to conduct a free, impartial, independent review to identify the best cost and carbon saving opportunities BEE has a limited pot of European funding to support participating businesses to implement the next generation of energy efficiency measures.
- Help your business stand out from the crowd with the Carbon Charter – fully funded by the BEE project.
Other grants and incentive opportunities
A number of grants and incentives are available to help businesses from a range of sources.
Use the UK government's business finance and support finder to look for government-backed support and finance for business, including, grants, finance and loans, business support eg mentoring and consultancy,funding for small and medium-sized businesses and start-ups.
Foundation East champion local entrepreneurial spirit, by providing finance and support to business and benefit local communities in Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk.
GRANTfinder has extensive detail of all major EU, Government and lottery funds, along with more hard-to-find regional and local programmes, charitable trusts and corporate sponsors.
Norfolk County Council also maintains a list of grants and funding schemes including Grants-4-Norfolk and European Funding opportunities.
Do you qualify as an SME? For guidance on SME status, please refer to the European Commission.
Shopfront Improvement Scheme
Businesses and social enterprises in Great Yarmouth town centre are able to apply for grants to improve their frontages as part of efforts by the borough council to make the central area more attractive to shoppers, residents and investors. Under the Town Centre Shopfront Improvement Scheme, eligible applicants can ask for grants of up to £3,000 each to help fund shopfront renovation, decoration, new signage and/or replacement of historic features including lighting. Businesses must cover 25 % of the total cost themselves.
An initial £60,000 is being made available through the project, part of the borough council’s wider Town Centre Initiative, which aims to boost town centre footfall, trade and the local economy.
The shopfront scheme aims to:
- Improve business frontages, including shops, commercial businesses and social enterprises.
- Enhance the appearance and appeal of the town centre to visitors, customers and local residents.
- Preserve and enhance the special characters of the conservation area, its listed buildings and other buildings of public importance.
- Assist towards encouraging further inward investment and stimulate business and consumer confidence.
If an application is approved, the business will have six months to complete the works and submit a claim form, with payments made only once works are complete. Before starting work, applications must have obtained the relevant permissions, including any planning permission and landlord permission required. All applicants, whether successful or not, will be offered free business guidance, and advice on marketing, branding and visual merchandising, via enterpriseGY, the borough council’s business support service.
For more information on how to apply, please visit the business page on the Great Yarmouth Borough Council website.
Business Premises Renovation AllowanceOwners of qualifying unused business premises have until April 2017 to apply to HM Revenue and Customs for a Business Renovation Allowance (BPRA).
BPRA is a 100 per cent tax allowance for certain spending when you are converting or renovating business premises in a disadvantaged area that have lain vacant for 12 months or more. Great Yarmouth is able to benefit from the scheme due to its Assisted Area Status.