Local small to medium enterprises (SMEs) in South Holland can tap into £1.3 million in European Regional Development Funds to help them expand their business.
South Holland District Council is administering the fund under its Grants4Growth scheme.
It has so far made 95 awards worth over £747,000 to help Lincolnshire businesses expand.
These grants have resulted in the creation of 41 jobs, and together with £2.6 million in match funding from the businesses themselves, represents £3.4 million in investment in the area.
Businesses can apply for between £1,000 and £24,999 for projects that will help their business develop or build capacity. The grant can be for up to 28% of the total cost of the project they wish to fund, with the balance being met by the applicant.
One local company which has benefited from the scheme is Welland Power – a manufacturer and distributor of diesel generators. Welland Power has been quoted on the FT 1,000 list of companies, and has recently been given a Queen’s Award for Enterprise.
When Welland Power were considering investing £70,000 in new plant for cutting, printing and stripping wires and cables, a £14,000 Grants4Growth award helped them choose the right equipment.
“We needed the equipment to make us more efficient, and change the way we work so that we could make more components on site and not buy in so much,” said CEO Charlie Farrow.
“The money we received from Grants4Growth allowed us to buy a higher specification of machine than we might have otherwise considered. The scheme is a really good one, it’s quick and straightforward to apply and find out if you qualify.”
Councillor Nick Worth, the District Council’s Portfolio Holder for Growth and Commercialisation, said: “This really is a great opportunity, and we would urge SMEs in the district to consider making an application.
“So far we have funded a wide range of different kinds of businesses, from a disability aid manufacturer to a games producer, a vehicle bodywork specialist and a number of engineering companies. The common element we look for in each application is ‘will this grant help the business grow and ultimately create more jobs?'”