Where we are up to
So far we have raised £59,100, with more promised. What we have received so far has enabled us improve our working capital and to buy four pieces of equipment that are listed in the share offer. We are currently taking steps to acquire these before 31st August, as we can then take advantage of RDPE funding we have recently won – see below. We believe we can reach our minimum target of £150,000 by 31st July if everyone that has said they will invest applies now!
The government listens
Incredible as it may seem, the chorus of complaint has produced a result, and
the government has allowed social enterprises such as ours to continue to take advantage of the Enterprise Investment Scheme, even though they are also claiming the Renewable Heat Incentive. This is in the text of the Finance Act passed on 17th July. So if you invest now, you can still claim a 30% refund of the amount you invest – invest £1,000 and get £300 back from the government – as long as you are a taxpayer.
RDPE funding success
Finally, we succeeded in getting 40% funding for some of the equipment we need to buy! This is worth a refund of almost £12k from the government, and we have to buy the equipment by 31st August 2014. We only need £6,000 more in the share issue to enable us to completely cashflow the RDPE programme. Help us and apply now!