Is your business looking to grow? Do you need a cash injection to make this happen? The Grants4Growth scheme could help you with a share of £1.85million.
The South & East Lincolnshire Partnership area was awarded £1.85million of UKSPF funding to continue the popular scheme which aims to help Small or Medium sized enterprises (SMEs) to develop and thrive.
There are three grants 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.
Firstly, you need to ensure that your business is eligible for a grant. You can do this by checking the criteria below.
Your 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.
If your company fits the bill, click here: https://grants4growth.sholland.gov.uk/
But be quick - the programme will run until March 2025 but funding must be allocated before the end of December 2024.