Businesses urged to seize last chance to apply to growth fund!

Businesses urged to seize last chance to apply to growth fund!

Date published: 09 October 2018
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Businesses have two months left to apply for financial help from the Gainsborough Growth Fund.

West Lindsey District Council is urging businesses in Gainsborough to get their applications in as soon as possible to be eligible for a business grant. 

As previously reported, the council launched the fund in 2014 to stimulate growth in local businesses and to help create or safeguard jobs in the town. The aim was to give businesses, the initial boost they needed, to match and support their investment. 

However, the scheme will close at the end of May 2019. The council is therefore urging businesses who would benefit from the scheme, to get their applications in as soon as possible.

There are two funds available to support businesses:  

  1. Feasibility and Planning Fund - Up to £10k is available to assist with professional fees and technical survey work associated with the development of sites and premises, which would support business growth.

  2. Development Fund - between £10-100k, but it will not be more than 25 per cent of the total project costs. It can be used to support capital activities, including investment in sites and premises and/or the purchase of equipment. 

All projects are assessed against robust criteria to ensure maximum benefits to the local economy. 

Cllr Sheila Bibb, Chairman of the council’s Prosperous Communities Committee said: “The Gainsborough Growth Fund was set up to help develop local businesses and support sustainable growth. The idea was to help with the physical expansion, leverage in private investment and create jobs in the town.

“There is still some money in the scheme but business need to get their applications in by the end of November, as all schemes need to be delivered and completed by the end of May 2019.  

Panel meetings to discuss proposals are generally held on a monthly basis with the last Panel for the Scheme to take place in February 2019. 

In order to meet the above timescales businesses need to confirm during the application stage that private match funding has been secured and that a clear project plan is in place.

However funding will not support projects that have already started. 

Since the Scheme started in 2014, it has assisted nine, small, medium enterprises. It is anticipated that these projects together will create approximately 65 new jobs. 

To date the total value of investment levered through the Gainsborough Growth Fund amounts to circa £2.5m.  

Projects assisted through the fund varied in scale and included a range of different businesses from blue chip companies like Eminox and AMP Rose to micro/smaller businesses, serving the local economy like SupplyBase Solution and a new optician. 

If your business could benefit from any of the two schemes above - please do not hesitate to get in touch. 

To find out more about the fund visit: www.west-lindsey.gov.uk/gainsboroughgrowthfund or contact the growth team on 01427 676 635 or email growth@west-lindsey.gov.uk

For the latest news on West Lindsey District Council visit: www.west-lindsey.gov.uk/councilnews

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