Torfaen Investment Fund
Torfaen Investment Fund (TIF)
Capital expenditure support for Torfaen based businesses
Is my business eligible?
All businesses within Torfaen are eligible
How much TIF financial support can I have?
TIF provides 50% towards eligible Capital spend with a minimum of £1,000 up to the maximum of £10,000 (excluding VAT).
What can the TIF be used for?
TIF can be put towards Capital expenditure only, including:
- Machinery & equipment
- IT, software & technology equipment
- Marketing materials, such as flyers, design & branding
- External & internal building works and alterations
Is there any ineligible expenditure?
Any Expenditure already incurred BEFORE the approval offer date is ineligible. Examples of ineligible spend include:
- Any revenue such as wages or paying of VAT/taxes
- Repair to existing equipment or maintenance
- Works carried out as a statutory requirement
- Legal & professional fees
- Accreditations & Membership fees
What are the application process and timescales?
Initially make contact with Torfaen Economy & Enterprise (see below).
This is a limited fund and all approved TIF’s must be claimed within 2 weeks of approval letter or will be automatically cancelled.
What documentation must I provide with the Application Form?
- Business Plan with 12 months cash flow/P&L forecast
- Latest audited accounts
- 2 comparable quotations dated within 1 month
What factors are considered in the application procedure?
- Job Creation
- Investment by Private Sector
- Value for Money
- Economic Impact
- Company Policies (Environmental, Equal Opportunities)
- Case Officer Evaluation
- Why is financial support needed? Need to demonstrate a need for the support
How do I make the claim?
- To claim the TIF, a TEE officer will visit your premises to view purchases and to take copies of the receipts
- Take serial numbers, photographs, job creation evidence
- TIF paid direct into business bank account
- Claims must be made by latest 31st March 2020
TIF Enquiry Contact:
Gaynor Wakeling: 01633 648371 firstname.lastname@example.org