Greater Lincolnshire has been awarded a £2 million RGF bid to support local businesses to grow and reach their full potential.
The Lincolnshire Chamber of Commerce has been successful in bidding for the Regional Growth Fund award, following support from the Greater Lincolnshire LEP, Federation of Small Businesses (FSB) and Lincolnshire County Council.
The pot of money, called the Greater Lincolnshire Business Capital Growth Fund, is a capital grant programme which will provide grant funding on a competitive basis and support for businesses in preparing an application.
Grants ranging between £10,000 and £250,000 will be available to local businesses and inward investors who can demonstrate sound business growth investment proposals linked to significant job creation. It is expected the programme will create 234 direct jobs and 66 supply chain jobs, as well as safeguarding 63 existing positions.
Simon Beardsley, Chief Executive of the Lincolnshire Chamber of Commerce, said he is delighted with the award. “We have been listening hard to what our members and county businesses have been saying about the challenges they face accessing business finance,” he said.
“As a result we have actively searched for new funding streams that will help address the problem. This news will be most welcome to companies that have high growth potential but need financial support to make the next move.
“The dedicated business advisor will be beneficial to SMEs who have growth potential but may have been put off in the past by the amount of paperwork needed to benefit from such a scheme.
“Through the RGF funds, our emphasis will be on helping Greater Lincolnshire companies grow and develop, which in turn will create new jobs and support the local economy. And giving businesses access to finance which will support their capital expenditure aspirations will also put them on a level playing field with other regions of the UK that have benefited from this support in the past.”
Cllr Colin Davie from the LEP board added: “This funding will support local businesses to grow and reach their full potential by financing things such as a move to a bigger premises or investment in new plant machinery and equipment. It is an opportunity for our region to continue to grow and be known as a place to do business.”
The programme will be managed by the Lincolnshire Chamber of Commerce with support from the LEP, Lincolnshire County Council and the FSB.
If you would like to know how your business could benefit from the new funding, please contact the Lincolnshire Chamber of Commerce on 01522 523333 or email Simon.Beardsley@Lincs-Chamber.co.uk.