The Grants4Growth programme has been extended until 2023, providing a further £900,000 in funding for businesses to apply for, with an increased rate of 50% allowing for larger purchases of business-boosting equipment and machinery.
Managed by South Holland District Council, Grants4Growth provides match-funded grants to help small-to-medium-sized businesses (SMEs) in Greater Lincolnshire to grow their business. Funded by the European Regional Development Fund, grants can be used towards the purchase of capital assets, such as new equipment and machinery, allowing SMEs to improve their productivity, increase efficiency, reduce costs and create new jobs.
Since 2017, the programme has helped more than 300 Greater Lincolnshire SMEs to grow – a total of £2.347 million in funding support – as well as created 172 local jobs across a range of sectors.
Along with the two-year extension, the programme’s intervention rate has also been increased from 28% to up to 50%, with grants between £1,000 and £25,000 available. In the past, businesses have used the funding to purchase everything from industrial printers to video production equipment, CNC machines, gym equipment and sand mixers. The application process is simple, and the team promise a yes or no answer to expressions of interest within two weeks.
To be eligible for funding support, businesses must:
- Be based in Greater Lincolnshire
- Employ less than 250 people
- Have a turnover of less than £44 million a year
- Use the grant to purchase physical capital assets.
Councillor Harry Drury, Portfolio Holder for Commercialisation and Growth, said: “Since its launch in 2017, Grants4Growth has helped small-to-medium-sized businesses across the county to reach their full potential.
“Their funding support has allowed Greater Lincolnshire businesses to purchase capital equipment and machinery and invest in their business’s future. This extension means even more local businesses will be able to grow, and with such a simple application process and quick turn-around time, they won’t have to wait long to get their growth journey started.
“From increasing their turnover to creating new jobs, I look forward to seeing what exciting things Lincolnshire businesses will achieve thanks to this funding support.”
For more information or to express an interest, visit the Grants4Growth website.