Businesses that lack a sufficient deposit to meet our standard lending requirements could be eligible for a grant through our Assisted Asset Purchase Scheme. The scheme is supported by the government's Regional Growth Fund, operating across England. It supports projects and programmes that are using private investment to boost the economy and sustain employment. Our programme has been allocated £25 million to provide grants to qualifying small businesses from June 2013 to April 2015.
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> Looking to purchase an asset located in England but outside of London (restrictions apply in the South East).
> Commit to creating and/or protecting one job for every £15,000 of grant received.
> Able to commit to creating and retaining jobs for a minimum of 12 months, or protecting jobs that would otherwise have been lost within 12 months.
> Provide confirmation of job creation or protection through an independent accountant (at your cost) within 30 months after drawdown, or six months after the job target has been achieved (if earlier).
> A small or medium-sized enterprise employing fewer than 250 people and have a turnover of more than £500,000 and less than £50million.
> Not have received any other state aid for your asset purchase. Otherwise, this amount must be deducted from the maximum possible grant.
> Not have previously received more than £500,000 of grants under the Regional Growth Fund from Lloyds Banking Group, nor should any of your group of companies in aggregate have received this.
> Not be in financial difficulty, going through insolvency proceedings, or subject to an outstanding recovery order in relation to state aid.
Before offering you a grant we will consider whether we are able to lend to you under our usual terms. Your eligibility for a grant will only be assessed if we are unable to lend to you under our usual terms. You will need to meet other scheme eligibility criteria and normal viability criteria to qualify for a grant.
> Maximum grants of £500,000 available for up to 20% of the asset cost for small businesses and 10% for medium-sized enterprises.
> The non-repayable grant will be put towards a deposit for purchasing an asset with the remaining funding (minimum £100,000) provided by a suitable Lloyds Bank Hire Purchase agreement or Term Loan product on our standard terms.
> You may also be required to contribute towards a deposit from your own funds.
> The grant is taxable income and 100% of the grant is state aid.