Businesses in Stone and the surrounding area can apply for interest-free loans of between £5,000 and £100,000 to fund new equipment, premises improvements and other capital investments.
The Scale Up Staffordshire programme, run by Staffordshire County Council and Stoke-on-Trent City Council, is aimed at established small and medium-sized businesses looking to expand or improve productivity.
Who can apply
Eligible businesses must have been trading for at least three years. The scheme is open to firms across Staffordshire and Stoke-on-Trent, including those based in Stone. Businesses must be based in Staffordshire or Stoke-on-Trent, or be planning to relocate into the area. They must meet the definition of a small or medium-sized enterprise and not receive public funding to operate.
How the loans work
The scheme can cover up to 80% of an eligible capital investment, with the business funding the remaining 20%. For example, a Stone business planning a £10,000 equipment upgrade could potentially borrow £8,000 interest-free and contribute £2,000 itself.
Loans are repaid over two to four years with no administration fee.
What the funding covers
Funding is available for projects involving site development, energy efficiency improvements, equipment purchases and upgrades, and investments designed to improve productivity. The scheme is for capital expenditure rather than everyday running costs. Additional conditions apply to projects involving alterations to premises.
Staffordshire County Council will carry out financial checks and eligibility assessments on all applications.
Real-world example
Cannock-based Kazoo Printing Solutions has become the first business to benefit from the programme, receiving a £100,000 loan to invest in a new UV LED hybrid printer. The new equipment has doubled the company's printing output and reduced running costs, allowing it to take on larger orders.
Simon Talbot, director of Kazoo PSG Ltd, said: "If it weren't for the loan we would have had to wait 12 months to implement this project."
Martin Murray, leader of Staffordshire County Council, said the programme was intended to help more businesses invest in equipment and technology to support their growth.
How to apply
Stone businesses interested in applying can contact the Scale Up Staffordshire team by emailing ScaleUp@staffordshire.gov.uk. Full eligibility conditions and further information are available on the Staffordshire County Council website.