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Local companies learn more about support for R&D activity

posted 16 Nov 2011, 04:17 by RiDO Rotherham   [ updated 17 Nov 2011, 02:33 ]

Local companies got the opportunity to find out more about the financial support available for businesses undertaking research and development activity at a recent event.

The seminar organised by Rotherham Investment & Development Office (RiDO), the regeneration arm of Rotherham Metropolitan Borough Council, featured experts from Funding & Financials and Libcus Limited, and took place at RiDO’s Fusion @ Magna business centre.

As the Government have recognised the importance of helping UK businesses to invest in research and development, be it in terms of product or process, there are schemes to assist such activities including;

R&D tax credits: tax relief in the form of tax credits, for time and money already invested in R&D. This could result in receiving repayment of corporation tax already paid, or reducing future tax burdens.

R&D grants: the single company R&D scheme gives SMEs (Small and Medium Enterprises) access to up to £250,000 direct grant funding for projects from early stage feasibility studies to full development of pre production prototypes or production processes.

Joanne Flanagan, a partner in Funding & Financials explained the benefits of such schemes, saying: “Research and Development is vital to the recovery of the UK economy and this is being supported by UK Government initiatives in the form of grants and tax credits.  It was great to hear of the exciting activity which is being undertaken in our region by local companies undertaking real R&D.

“I would encourage other companies to investigate the potential support from these schemes as they cover a breadth of projects from initial market research to full prototyping.”

Andrew Nettleton, of RiDO’s business development team, emphasised the importance of such events in helping Rotherham businesses remain competitive, adding; “We have a number of small businesses in the Rotherham area developing innovative products and processes in the advanced manufacturing, electronics and other hi-tech industry areas.

“It’s important that we support them in the current challenging economic conditions, and events like this are designed to provide information and assistance and enable them to research and develop their products and processes as quickly and cost-efficiently as possible.”

RiDO provides a professional and completely free service to both existing Rotherham based companies and new investors into the Borough. Its services include; property sites & premises searches; recruitment & training advice; helping establish supply chain linkages; and, ongoing business support & guidance.

RiDO is a partner in the South Yorkshire Sector Growth Enhancement Programme that is part-financed by The European Regional Development Fund (2007-13) in Yorkshire & The Humber. The programme aims to help accelerate private sector expansion and assist local businesses in achieving growth.

For more information on the support available for R&D activities, or on RiDO’s wider services visit; www.rido.org.uk

NOTES:

European Regional Development Fund

The European Regional Development Fund (ERDF) was set up in 1975 to stimulate economic development in less prosperous regions of the European Union. ERDF is provided to support the European Union’s cohesion policy that seeks to redress imbalances in development between regions and Member States. It is used to support projects that can help local economies address the challenges of globalisation and contribute to delivering Europe’s 2020 strategy of smart, sustainable and inclusive growth. Information about the European Union’s support for regions is available at http://ec.europa.eu/regional_policy/index_en.htm

Yorkshire and The Humber ERDF Programme 2007-2013
The European Regional Development Fund Programme is managed by the Department for Communities and Local Government on behalf of a local partnership including the National Government, European Commission and local bodies. The programme has €583 million from the European Regional Development Fund to invest by 2013. Further information about the ERDF Programme in Yorkshire and The Humber, including information about the projects that are receiving ERDF Investment, is available at www.communities.gov.uk/erdf