Businesses in East Lindsey are being invited to apply for a share of £1.85million in a bid to help them to thrive and grow – while aiming to boost employment opportunities and bring wider benefits across South & East Lincolnshire.
Following an award from the UK Shared Prosperity Fund of £1.85million, SMEs are being invited to apply for their share of the money – and, if successful, will be awarded grants of between £1,000 and £24,999 (or 30% of the total eligible cost).
The new source of funding will allow a continuation of the Grants4Growth programme to support a greater number of businesses through a wider range of methods.
There are three types of grant available, which can be used towards increasing capacity, finding new markets and boosting productivity. This could be through capital costs, such as machinery or equipment, and revenue expenditure, whether it’s training, marketing or digital support.
The third option will give businesses with fewer than five employees looking to spend up to £5,000 the opportunity to apply for grants that can cover up to 50% of both capital and revenue purchases to a maximum of £2,500.
Additionally, there is now a new Business Advice Team on hand to provide free guidance to firms looking to grow, offering advice around sales development, productivity, manufacturing, HR issues and other challenges which business can face.
The cash is being invested across South Holland, Boston and East Lindsey, ensuring the benefits can be felt throughout the area.
To be successful, businesses need to demonstrate how the proposed investment will help increase capacity, improve efficiency, bring new products to market, or make the changes they need to remain competitive in the future.
To be eligible to apply for a grant a business must:
• Be classed as an entity involved in economic activity and must have been trading for at least 12 months.
• Trade through a Business Bank Account.
• Be classed as a Small or Medium sized enterprise (SME). This means it must have less than 250 employees, a turnover of less than £40 million and a balance sheet of less than £35 million.
• Not be more than 25% owned by a larger company and if the business is part of a group then all parents and subsidiaries must be included when calculating number of employees, turnover and balance sheet totals.
• Have premises in East Lindsey, Boston or South Holland.
• Any equipment purchased with help of a grant must be homed in the area.
Councillor Steve Kirk, portfolio holder for The Coastal Economy, and Councillor Adam Grist, portfolio holder for Market Towns and the Rural Economy at East Lindsey District Council, added: “It’s fantastic to see businesses in East Lindsey be given the chance to grow and to turn their plans into action through the Grants4Growth funding.
“This can make a real difference and bring about positive change across the district that will benefit coastal, urban and rural businesses while also increasing the chances for employment for our residents.
“Alongside our other major funding, including £48.4million for our Skegness and Mablethorpe Town Deals and £8million Levelling Up funding, this is a really exciting time for major, transformative positive change in East Lindsey that will benefit residents for generations to come.”
