Tag Archives: Funding

Finance and Banking, News

Boost for UK SMEs as WeDo secures £50m in funding

WeDo Business Services has secured £50m in funding which will enable it to significantly expand its support of small and medium-sized companies across the UK.

The funding is provided by alternative investment manager Waterfall Asset Management and will be used to help WeDo bolster the growth of its SME customer base through a range of finance facilities.

The WeDo group has its headquarters in Greater Manchester and additional offices nationwide. It provides invoice and trade finance, asset finance, loans and start-up funding to a growing client base, as well as accountancy, HR, back-office and IT services.

WeDo was founded by Mark Lindsay and Chris Robinson in 2019 with just four staff and has grown rapidly through organic expansion and acquisition. It currently has over 70 staff across its Oldham headquarters and its network of offices.

Its overall lending now exceeds £50m, and chief executive Mark said Waterfall’s funding would enable it to achieve significant growth as it aims to reach £100m within the next three years.

WeDo’s nationwide client base spans a range of sectors, including recruitment, engineering, manufacturing, logistics and wholesale distribution.

Mark said: “This significant investment is a vote of confidence in our business and will help us to exponentially grow our ability to provide support to SMEs from across our finance divisions.

“We share a desire to establish a long-term relationship with the goal of helping more SMEs to succeed in building sustainable businesses for the future, by alleviating their cashflow constraints and enabling them to invest for future growth.

“WeDo has a strong track record of supporting the northern economy by offering finance to companies across the region and this will continue, as well as enabling us to significantly expand our geographical reach.

“There is increasing demand for the type of lending and support services we provide, reflected in a record month for new client wins in the first quarter of this year.

“We understand the challenges of growing a business from a new start, and we want to help others to do the same. It can be lonely as a business owner, and we provide a support network to ensure the wellbeing of themselves and their companies.”

James Cuby, managing director at Waterfall, said: “WeDo provides a comprehensive funding solution and support services to SMEs across the UK and has an experienced management team who are committed to supporting the growth of the businesses they fund.

“We are pleased to support WeDo’s expansion plans and look forward to a successful relationship.”

News

Health Tech Solutions Group revolutionises access to healthcare services across the UK

Health Tech Solutions Group (HTS Group), a pioneering healthcare provider, announces its official launch in the UK. The company offers complementary healthcare solutions, including mobile health services, telemedicine, and personalised patient care outside traditional hospital settings.  With three existing locations in Essex, Lancashire and London, HTS Group are raising £3 million investment to activate a further seven locations in the UK and Ireland by the end of 2025 with the capacity to service 100,000 patients per year.

Across three core services and committed to a 2-hour turnaround time, HTS Group will provide door-to-door transportation, convenient, cost-effective and secure mobility transportation services for the disabled, elderly, vulnerable people, and non-emergency patients; at-home healthcare services, a GP service in the home that includes pathology and accessible remote patient monitoring that includes smartwatch and AI/ML-enabled platforms, to increase patient engagement and care coordination and improve patient outcomes, personalise care, and reduce healthcare costs.

With a mission to bring primary and planned healthcare services directly to individuals’ doorsteps, HTS Group aims to bridge critical gaps in the healthcare industry, offering unique solutions tailored to the needs of the UK market. This unique healthcare model provides technology and services with end-to-end primary healthcare, mobility and remote patient monitoring services without owning a hospital, clinic, or heavy assets. This approach not only meets the needs of the UK market but aligns with the NHS’s NET ZERO mission of sustainable and zero-carbon healthcare services.

Established in 2010 in India by CEO Samit Biswas, an industry veteran with over twenty-eight years of healthcare expertise, HTS Group identifies and addresses critical challenges within healthcare logistics, medical transport, diagnostics, and healthcare management.

Founder and Chairperson Samit Biswas recognised the need for streamlined and efficient medical transport while observing the critical gaps in patient care during his extensive tenure working with major hospitals in India & since 2012 in the UK.

HTS Group’s commitment to providing 24/7 accessibility to healthcare services is underscored by its successful track record in Kolkata, where it has established a highly acclaimed ambulance service and training program. Additionally, the company has emerged as a leader in offering air and road ambulance services within North-East India, addressing a previously unmet need in the region.

“We aim to redefine healthcare accessibility by leveraging strategic partnerships and cutting-edge technology,” stated Founder Samit Biswas. “We are dedicated to ensuring that individuals across the UK have timely access to high-quality healthcare services, regardless of location or circumstances.”

“These door-to-door transportation services redefine mobility solutions, providing a convenient, cost-effective, and secure means for people who need transport due to a disability or assisting older and vulnerable people who don’t drive and non-emergency patients. It’s more than just transportation; it’s about ensuring everyone has equal access to quality healthcare and promptly.”

Services offered to patients include telephone consultation, doorstep telemedicine GP consultation, and Blood test services at the doorstep, starting from £99 or a video consultation starting at £49.

A monthly subscription-based (£19.99 per month) wellness and care model will allow patients to access the full range of healthcare management services—from free medical devices to half-yearly medical check-ups, discounts on diagnostic tests and healthcare insurance, and remote monitoring.

For more information about HTS Group and its suite of innovative healthcare solutions, please visit https://hts.group

Midlands News, News

Bright future as lighting company makes the switch

A specialist lighting company from Herefordshire has transformed its production process and expanded its workforce thanks to support from the Marches Growth Hub.

Hector Finch Lighting Ltd received a £30,000 Business Growth Programme grant to help owners Hector and Emma Finch expand into new premises in Leominster. As a result of the move, the business has brought its manufacturing processes in-house and created up to eight new jobs.

It was supported by the Marches Local Enterprise Partnership’s business support service, the Marches Growth Hub, delivered in Herefordshire by the LEP’s partners, Herefordshire Council.

Emma said: “The grant from the Business Growth Programme (BGP) supported the purchase of kit-out costs in our new home at Easters Court as well as creating a new loading bay and bringing the production in-house.

“The Marches Growth Hub was hugely helpful in supporting us to access the funding and we initially aimed to create three jobs but we’ve created more than that. The whole experience has been extremely positive for us.

“Our ability to grow since we have been at Easters Court has helped to deliver 50 per cent growth in the last two years. We would never have managed that in our old premises because we just physically didn’t have the space, either for the stock or the production, the boxes or the staff.”

Hector Finch Lighting designs and manufactures light fittings, about 80 per cent of which are exported to American interior designers working in high-end properties. The business also fulfils some commercial contracts with quality hotels and restaurants.

Emma said contract details for the new premises meant that the BGP application process was very time sensitive. The company was supported in the application by the Marches Growth Hub Herefordshire team from Herefordshire Council.

She said: “We worked closely with the Marches Growth Hub to put the application together as it can be demanding but it was an interesting process. In many ways, it helps you discipline yourself to really think about what you are wanting to achieve out of the project and to put together a business plan and really work the figures through in a meaningful way. I would say it was a pretty positive experience all round.”

Hector added: “With the new investment we have tried to make it much more of a full manufacturing process. What we buy in is the basic raw material, which is mainly brass, and we manufacture most of our components here on site with our new CNC machinery.

“The lights are then metal-finished and wired in-house. This is a big change on where we were a short time ago, when a lot of all the components, and the finishing and any painting, were all outsourced.”

Amongst the new employees are skilled local engineers who had previously been made redundant. Emma said the new premises were also helping to reduce the company’s carbon footprint, both by reducing the number of miles components were being transported and through better insulation and energy saving.

Part-funded by the European Regional Development Fund and managed by Birmingham City Council, the Business Growth Programme offers grants of £2,500 to £1,000,000 and is designed to strengthen supply chains, stimulate innovation and help businesses grow. The programme is available to both start-ups and existing B2B SMEs in Herefordshire, Shropshire and Telford & Wrekin.

Grant funding is limited and subject to availability for companies which meet the eligibility criteria.

For more information about the Business Growth Programme and other grants available to businesses, visit marchesgrowthhub.co.uk

Finance and Banking, Finance News, International News, News, North of England

WeDo Business Services makes acquires significant stake in Australian finance firm

A north west business services group has gained a foothold in the Australian market by making a strategic seven-figure investment in a Brisbane-based invoice and trade finance company.

WeDo Business Services, which is headquartered in Oldham, has taken a significant stake in Invoice Finance Group (IFG).

IFG had been seeking an investment partner to help take it to the next level by adding funding capability and new business finance products. At the same time, WeDo was looking to establish itself Down Under.

WeDo directors Mark Lindsay and Chris Robinson engaged Wayne Smith, a former senior executive at Sydney-based business finance company ScotPac, to help with this phase of their growth plan.

Wayne was able to bring both parties together and helped to structure the deal. He has become chairman of IFG following the investment, and will work with its founders and directors Paul and Angela Tonges on its expansion strategy.

Mark, group chief executive of WeDo, said: “Our invoice finance business has been built on a simple model of delivering solutions in a transparent and value-added way, working with clients to ensure they get more than they expect.

“It was refreshing to see that IFG shares a similar approach which is very client-centric.

“The independent finance market in Australia is not as competitive as it is in the UK, and therefore we feel there is scope for IFG to expand significantly and develop additional service lines, much like our UK business has done in recent years. We are extremely excited by the opportunities and growth potential for IFG.”

WeDo provides a range of services to small and medium-sized companies. In addition to invoice and trade finance and start-up funding, it provides HR, back office, IT, digital and payroll support, with a focus on the recruitment sector.

Mark and Chris founded the business in 2019 with just four staff and the company has grown rapidly through organic expansion and acquisitions. The group now employs almost 100 people across its network of offices, including sites in Colchester, Swindon, Sheffield and MediaCityUK in Salford.

IFG is a boutique business which husband and wife team Paul and Angela set up in 2011. It specialises in providing invoice finance to businesses across Australia.

Paul said: “As the founders, we are very excited about the next chapter of IFG’s growth strategy. We’re delighted to share a common alignment in our vision and values with our new investors, by continuing to exceed our customers’ expectations.

“This strategic investment will allow IFG to better service our existing clients and attract new customers by enabling us to offer a broader range of finance products and a larger deal size. With so many Australian small businesses desperate to fund growth, IFG will be able to assist many more SMEs.”

News

Acoustic Announces Strategic Growth Investment from Francisco Partners

Acoustic, a global marketing and customer experience provider for B2C brands, has obtained a strategic growth investment from Francisco Partners (“Francisco”), a leading global investment firm that specializes in partnering with technology businesses. Existing investor Centerbridge Partners remains the primary equity holder in the company. 

Acoustic helps brands deliver over 120 billion personalized messages each year using its single, unified platform that combines marketing automation with deep digital experience analytics. Acoustic empowers businesses to create seamless, data-driven digital experiences across email, web, SMS/MMS, mobile push, WhatsApp, social media and more. 

“We are thrilled to announce this new investment from Francisco Partners. As more consumer interactions take place digitally, customer experience becomes the deciding factor for whether consumers engage with your brand,” said Dennis Self, CEO of Acoustic. “This investment validates our strategy for creating unified digital customer experiences at scale. It will also help accelerate our platform vision and continue to create highly personalized multichannel experiences through our product suite that connects consumers’ online interactions with the buying experience. We’re excited to be working with two top-tier investors, Francisco Partners and Centerbridge, as we continue to evolve our platform and offerings to enable a new generation of consumer marketing and experience capabilities.”  

“Brands and marketers are looking for more effective ways to continuously improve the overall consumer experience while simultaneously maximizing the performance and ROI on their marketing investment,” said Peter Gingold, Managing Director at Francisco Partners. “Acoustic’s unified marketing and experience platform uniquely positions the company to emerge as a next-generation leader within the $344.8 billion MarTech industry. We’re excited to join Centerbridge Partners and the Acoustic team to accelerate this vision and the delivery of innovative solutions to create exceptional, personalized customer experiences across several key industry verticals including retail, financial services, insurance, tech and telecom, travel and hospitality, and more.” 

“We are excited to partner with Francisco Partners, a world-class firm specializing in investments of technology companies that are leading the way in innovation and growth, who, like us, believe in Acoustic’s vision and the value of its powerful marketing and experience platform and supporting capabilities,” said Jared Hendricks, Senior Managing Director, and Chris Litchford, Managing Director, of Centerbridge Partners. “Acoustic is a demonstrated leader in an ever-evolving industry. We are committed to helping Acoustic operationalize and scale its solutions through our continued investment.”  

SVB Securities served as financial advisor to Acoustic. Simpson Thacher & Bartlett LLP acted as legal advisor to Acoustic. Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Francisco Partners. 

About Francisco Partners 

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.Franciscopartners.com. 

About Centerbridge Partners, L.P.  

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines – from private equity to credit and related strategies, and real estate – in an effort to find the most attractive opportunities for our investors and business partners. The firm was founded in 2005 and as of August 31, 2022 has approximately $34 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com. 

About Acoustic, L.P. 

Acoustic, L.P. helps businesses close the digital experience gap by giving them a holistic view into the customer experience and enabling them to deliver personalized experiences based on consumer needs and preferences. The Acoustic portfolio of companies helps businesses across industries to grow customer lifetime value with award-winning technology and unbeatable client success teams. 

Learn more about the Acoustic portfolio at www.acoustic.com. 

Law, News, North of England, Property

Taylors Solicitors advises CapitalStackers as development funding deals pass £150m

A team at north west law firm Taylors Solicitors has advised real estate lending platform CapitalStackers on its latest deal, taking it past a £150m funding milestone.

Stockport-based CapitalStackers has raised £540,000 for a development of nine detached executive homes in North Yorkshire, taking the total raised by the peer-to-peer crowd-funding specialist to £152m.

CapitalStackers provides funding for commercial and residential property building projects to borrowers who are a mix of investors and developers. Bank finance has accounted for £124m of the total raised, with CapitalStackers’ investors contributing the remaining £28m.

The latest deal sees CapitalStackers provide funding for a Glam Living scheme in Church Fenton. Glam Living specialises in developing in popular, rural Yorkshire locations where there is a shortage of elegant, bespoke houses in the £500,000 to £1m price range.

Steve Robson, managing director of CapitalStackers, said: “This milestone is particularly pleasing given it’s been achieved through very strong relationships with our senior funding partners and especially our investors, to whom I would like to pass on our sincere thanks.

“Our model comprises a blend of peer-to-peer and bank finance that allows small investors to get involved in the kind of property development funding that used to be the exclusive province of the banks, and enables banks to fund projects that would otherwise be beyond their scope.

“The latest deal for Glam Living is characteristic of our borrower profile – a company run by experienced developers who produce well-designed, well thought-out housing schemes that withstand rigorous risk modelling.

“We have always adhered to our key principle of never allowing a trowel to be lifted or a penny to be drawn down until all the funding is in place. Our model forms a robust and invaluable pillar to support the UK house-building industry. Many others have fallen by the wayside because they were unable to find fresh investment in times of crisis.”

Taylors Solicitors has advised CapitalStackers on every deal since the platform’s inception eight years ago.

Matthew Catterall, a corporate partner at Taylors, said: “Having worked with Steve and the team at CapitalStackers since 2014, we have built a fantastic working relationship that is based on a deep understanding of the business, allowing us to anticipate their needs and deliver streamlined, effective advice.

“Huge congratulations to Steve and the rest of the team on reaching this milestone, which demonstrates just how great the CapitalStackers product and team are.”

Of the £152m total now raised by CapitalStackers, nearly £43m has already been repaid to banks and over £15.7m to small investors at an average return of 12.91 per cent.

The remaining £12m is still earning for investors in construction projects across the UK. The lowest return received by CapitalStackers investors has been 6.9 per cent and the highest 24.97 per cent – with zero losses. The platform has 190 active investors and around 300 waiting in the wings.

Investment News, News

$100 Million Financing from LEGO Owner KIRKBI and Others values Medical-Fish-Skin Company Kerecis at $620 million

The investment in environmentally sustainable technology will help thousands more patients with burned or damaged skin tissue

Reykjavik, Iceland, Billund, Denmark and Arlington, Virginia — August 1, 2022 — Kerecis® today announced that it completed its $100 million Series D financing that was led by KIRKBI, the family holding and investment company behind the LEGO Group. Kerecis is the company pioneering the use of sustainably sourced fish skin and fatty acids in cellular therapy and tissue regeneration and protection globally. The funding round was supported by several existing shareholders, including Silicon Valley’s Emerson Collective and the Icelandic pension funds BRU and LSV. The funding round also included conversion of existing convertible debt to equity and new and extended debt facilities.

The funding round will accelerate the company’s growth and development of the next generations of its patented medical-fish-skin products sourced from sustainable fishing grounds near the Arctic Circle. KIRKBI, a first-time investor in Kerecis, invested $40 million in cash in exchange for newly issued Kerecis shares. Co-investors contributed an additional $20 million in cash for newly issued shares; $10 million of existing convertible promissory notes were converted into equity; and Silicon Valley Bank provided an extension and increase of the company´s existing revolving credit facility to $30 million. Following the investment round, the valuation of Kerecis is US$620 million.

“Kerecis is a highly innovative company that has built a successful business transforming waste material into unique medical products,” said Niklas Sjöblom, Senior Director, Long-Term Equity, KIRKBI. “We are particularly inspired by the company’s approach to sustainability, as we are responsible investors and owners. We are excited to support the company’s continued growth and strategic objectives to improve patient outcomes”.

“This funding and new partnership with KIRKBI is a great step forward for Kerecis, and we are truly motivated by the investment KIRKBI and the other participants are making,” said Fertram Sigurjonsson, Founder and CEO of Kerecis. “As we continue to grow, we will be able to help thousands more patients around the world with our sustainably sourced products. It is our mission to become the world leader in tissue regeneration by sustainably harnessing nature’s own remedies,” he added.

Kerecis’s year-over-year growth has been exceptional in recent years, with revenues doubling annually. The company’s revenue in calendar year 2021 was $35 million, and this year’s revenue is expected to be more than twice that. The company’s medical-fish-skin products have proven crucial in improving patients’ well-being and quality of life. Revenue derives mainly from sales in three distinct market segments: private offices and wound centers that treat diabetic and other chronic wounds, burn centers, and hospital operating rooms. Sales across all three segments have increased over the past year with new product offerings, increased demand, and strategic sales efforts.

Finance and Banking, Midlands News, News

£5million funding pot available across the Marches

Businesses across the Marches were today urged to take advantage of a £5 million funding pot to help them grow.

The Marches Local Enterprise Partnership says the money is available through a variety of business support programmes supported by the European Regional Development Fund and could provide vital help for companies across Herefordshire, Shropshire and Telford & Wrekin.

It is part of a wider package of support offered through the Marches LEP and its business support service the Marches Growth Hub amounting to more than £10million.

Paul Kalinauckas, the Marches LEP’s access to finance champion, said the ERDF funding could help companies in a huge variety of ways, including to grow, develop innovative new products or services, expand into new space, become more energy efficient, develop their sustainability and purchase key equipment and innovate.

“Small and medium-sized enterprises across the region can access more than 10 EU-funded business support projects – including grants and consultancy support – with a total financial value of almost £5million.

“This funding and support can make a big difference to small businesses, particularly against the current economic backdrop, and we would urge as many businesses as possible to get in touch to explore how they might benefit from this support.

“We would also urge our partners in the financial services economy to promote the benefits of all these programmes – and the wider support now available – to their clients to help ensure they can get the funding they need just when they need it.”

Examples of the ERDF-funded schemes include:

 

  • The Business Energy Efficiency Programme – through which companies can get expert help and up to £20,000 grant support to reduce their energy costs and carbon footprint

 

  • Business Growth Programme 2 – A £23.5million SME business support package for both start-ups and established companies, with grants of up to £1million available.

 

  • The Low Carbon Opportunities Programme – Grants of up to £50,000 to help businesses in Shropshire develop low carbon products and services.

 

  • The Marches Step Up Programme – Offering support to entrepreneurs, micro, small and medium sized enterprises (SMEs) across the Marches through ​Step up to Start and Step up to Growth programmes. Support available under Step Up to Start is aimed at aspiring entrepreneurs, those at the pre-start stage or perhaps registered but not yet trading. The support will enable new businesses to get off to the best possible start.

 

  • The Small Equipment Grant – Funding of up to £10,000 to help SMEs purchase new machinery to help them to grow and develop new products and services

 

Paul added: “Alongside these and many more programmes, the LEP also supports the work of the Midlands Engine Investment Fund (MEIF), which makes a wide variety of financial solutions available. The fund will invest in debt finance, small business loans, proof-of-concept and equity finance funds, ranging from £25,000 to £2million, specifically to help small and medium sized businesses secure the funding they need for growth and development.

“And we have just launched our £4million Marches LEP Energy Fund for capital projects which help future-proof energy provision, promote the use of renewable and sustainable power sources and boost the low carbon economy.

“All this means there has never been a greater variety of funding available to our businesses to help them meet their own ambitions for growth and develop in an environmentally-responsible and sustainable way.”

News

Help at hand for companies to develop international markets

Companies across the Marches are being urged to take advantage of a fund to help them develop their international markets.

The Department for International Trade (DIT) has launched its new Internationalisation Fund for eligible businesses in England.

Match-funded grants of between £1,000 and £9,000 will be available to help support companies which want to develop and expand their international operations.

To secure a grant, companies will need to fund a proportion of the costs themselves. This will be either 40 or 50 per cent of the total cost.

The funding can be used to help meet the cost of:

  • Market research
  • Intellectual property advice
  • Translation services
  • International social media/SEO
  • Trade fairs (where no TAP funding is available)
  • Independent market visits
  • Consultancy and other international commercial services

Marches LEP Access to Finance champion Paul Kalinauckas urged businesses across the region to make use of the fund.

“This funding can offer real help to businesses across Herefordshire, Shropshire and Telford & Wrekin to develop their global footprint. If any company is thinking of developing or expanding their international operations, this fund can be a huge help.”

To qualify for funding, the business must be based in England, be a small or medium sized enterprise (SME) with up to 250 employees, have an annual turnover of less than €50 million or annual balance sheet of no more than €43 million and no more than 25% of the business should be owned by an enterprise which is not a SME.

The fund is supported by the European Regional Development Fund (ERDF).

 

Finance and Banking, Midlands News, News

Design and print company builds for the future thanks to grant support

A thriving Shropshire design and print company is building for the future thanks to £10,000 of help from a grant programme.

Newport-based AYP Ltd secured the support through the Small Equipment Grant scheme to help it purchase a new digital die cutter, which will allow it to expand and offer more services to clients.

The grant scheme is supported by the Marches Local Enterprise Partnership and its business support arm, the Marches Growth Hub, and receives European Regional Development Fund assistance.

AYP managing director Martin Hall – who founded the business with his wife Sandra in 2006 – said the grant was crucial in helping the company to invest in its future and offer a wider range of services to both new and existing customers.

“The grant has allowed us to invest in a Veloblade Volta, a bespoke die cutting machine, which will enable us to produce one-off samples without going to the expense of having a cutting tool made and then sending the work out to a finishing company.

“Not only will we save time and money as a result of installing the machine, but we will be able to diversify into new target markets such as packaging because we will have the capacity to cut materials to any shape and size.

“This is cutting-edge equipment so we can now offer services and products which are not widely available elsewhere. We’ll be able to run single sheets to trial new concepts which will also greatly reduce paper and card waste and the expense of transporting materials to different sites.

“There is no doubt that this grant and the equipment it has helped provide has made us more robust by broadening our customer base and range of products.”

Rachel Laver, Marches LEP chief executive, said: “This is another example of how the Marches LEP and Marches Growth Hub can help deliver real support to companies across the region so that they can plan for the future and grow.

“The support on offer from the Marches Growth Hub has enabled hundreds of businesses like AYP to expand and will continue to do so.”

Small Equipment Grant programme manager Caroline Cattle said the scheme had proved hugely successful.

“We have been able to help companies across Herefordshire, Shropshire and Telford & Wrekin invest in the equipment they need to grow, which is good for them and for the overall economy. The scheme remains open and we would particularly welcome applications from Shropshire and Telford & Wrekin.”

Grants of between £1,000 and £10,000 are available under the programme.

The grant is available as a contribution of up to 50 per cent and primarily covers B2B companies. Items purchased must exceed £500 in value and have a life expectancy of three years. Eligible projects must lead to the creation of at least one part-time job within six months or the creation of a new product or service to be used by other businesses.

Because of restrictions imposed by the ERDF, the scheme is not available to retail businesses, restaurants, drinking establishments and fast food takeaways, online retail or rental businesses, farms involved in primary production, or local social welfare facilities.

Herefordshire Council is the accountable body for the scheme.