Businesses in the county can now apply for a grant from the Greater Lincolnshire Growth Fund.
The fund is provided through the Greater Lincolnshire Local Enterprise Partnership with grants available between £150,000 and £500,000.
Funding applications are focussed on:
- Support for private sector businesses operating in one of the priority LEP sectors; Agri-food, Manufacturing, Health and Care, Ports and Logistics, Visitor Economy, Low Carbon and Digital
- Delivering transformational projects which align with the wider ambitions of the Strategic Economic Plan to help businesses across Greater Lincolnshire increase productivity and create new wealth and jobs
- Applications that require between £150,000 and £500,000 in capital grant funding with provision of between 70 and 80% match funding
- A grant of 150,000 will need to create 27 jobs, £500,000 needs to create at least 90 jobs
- Value added activity that will create new commercial opportunities and additional sustainable employment in Greater Lincolnshire
- New investment in property infrastructure, buildings and refurbishment costs; plant, machinery & equipment; IT and new technology; staff recruitment and training costs
- Projects which can start within 12 months of the award of funding
Percentage of Project Cost
Applicants will be expected to provide match funding covering as much of the project’s costs as they are able to, from their own resources and those of third parties such as banks or investors.
It is proposed that:
- A maximum of 30% of total eligible expenditure will be provided for small and micro businesses, with up to 50 employees
- A maximum of 20% of total eligible expenditure will be provided for medium and large businesses, with 51 employees or more
There is significant eligibility criteria including both sectoral and state aid:
The following are sectors ineligible for support:
- Fishery and aquaculture sectors
- Primary production, processing and marketing of agricultural products
the coal, steel and shipbuilding sectors (excluded by the General Block Exemption EC 800/2008)
- Synthetic fibres sector (excluded by the General Block Exemption EC 800/2008). Further explanation of the meaning of synthetic fibres sector can be found on the European Commission website
Banking and insurance businesses cannot be supported, as their activities are non- productive and support to one institution is likely to lead to displacement of jobs, except as a deliverer of services or match funding, for example as members of a VCLF consortium.
Establishments providing generalised (school age) education should not be supported as this is a statutory duty on local authorities.
Applications will be appraised on a case by case basis and are welcomed from businesses who can deliver transformational projects which align with the wider ambitions of the Strategic Economic Plan by increasing productivity and create new wealth and significant jobs.
For more information email [email protected]