More than £800,000 is being made available in capital grants to local businesses through the new “NEL Reshape Grant” to help North East Lincolnshire-based businesses to grow, expand, or diversify their work.
The grant scheme, which links with phase 2 of the NEL Recovery Plan ‘Restore-Reshape-Replenish’, to create the conditions to grow, offers eligible businesses 50% of project costs, up a maximum of £25,000.
Grants will be available to SMEs from any sector who are registered and trading in North East Lincolnshire who can demonstrate that investment in capital expenditure will assist in the growth or diversification of their business.
Applicants that can demonstrate additional value, for example the creation of jobs, empty or poor-quality property brought back into use or improved, or wider community benefits will be prioritised. The funding stream also has an element which mirrors the recent Digital Boost Grant which was over-subscribed.
Cllr Callum Procter, cabinet member for economic growth, said: “We have already distributed more than £62million to local businesses in Covid business grant support. This is in addition to government schemes including furlough, the Self-Employment Income Support Scheme (SEISS) and bounce-back loans amongst others.
“We have also put other initiatives in place such as LoyaltoLocal, the NELinkolnshire Virtual High Street, free retailer subscriptions to ShopAppy, dedicated business support initiatives and a Digital Boost Grant.
“We have been working as hard as we can to try to make sure businesses throughout the borough not just make it through these difficult times, but also recover and become stronger.”
This latest money is the last strand of the Additional Restrictions Grant, a discretionary Government initiative to provide wider business support activities.
Businesses must be able to complete their projects and draw down the funding by the end of February 2022.