New funding programme to provide £1.85million for business across South & East Lincolnshire

Posted on October 9, 2023

Businesses 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 (Small or Medium sized enterprises) 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, ranging from £1,000 to £24,999 (or 30% of the total eligible cost), 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 smaller businesses (employing 5 or fewer 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 located in East Lindsey, Boston or South Holland and any equipment purchased with help of a grant must be homed in this area too.

Councillor Anne Dorrian, Leader of Boston Borough Council, said: "This is an opportunity for local businesses to develop their aspirations and thrive. If business owners aren't sure if they're eligible, I'd like to encourage them to visit https://grants4growth.sholland.gov.uk/or call the team on 01775 764813 to find out more details.

"The funding will empower businesses in the Borough which will in turn drive our ambitions to regenerate Boston through boosting employment opportunities, expanding what companies in the town can offer and making this an exciting place to live and work."

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."

Councillor Paul Redgate portfolio holder for Finance, Commercialisation, Levelling Up and UK Shared Prosperity Funding at South Holland District Council, said: "This is an ideal opportunity for all of our local businesses to apply and to encourage them to think about areas of growth.

"Under the new Grants4Growth model, this funding comes at an ideal time for our businesses to look at ways and opportunities for them to improve and enhance their current offerings.

"I would ask all SMEs within the district to consider applying and to look at growing business through either capital or revenue projects. Whilst funding is limited to a maximum of circa £25,000, this shouldn't limit business aspirations."

The programme will run until March 2025 but funding must be allocated before the end of December 2024.More details of the positive impact Grants4Growth is having for businesses and the community locally will be shared as funds start to be invested. More information on the programme is available at https://grants4growth.sholland.gov.uk/