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District Council Fund can help businesses expand and create new jobs

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EAST Lindsey District Council’s Rural Development Fund (RDF) is open to new applications.

The fund, which was established in 2012 with £1.5million made available to support businesses through grants and interest-free loans, can help businesses in the District expand, create new jobs, increase the skills of existing staff, extend the tourism season and attract visitors to the area.

The Fund also supports those wanting to set up a new business in the area.

Since being established, the fund has supported 21 projects with more than £713,500 of funding, creating nine new businesses, three festivals, 60 new jobs and numerous volunteering opportunities across the District.

According to the District Council, the funding has also acted as a catalyst to attract over £760,000 of additional investment into the area.

Portfolio Holder for Economic Regeneration, Councillor Craig Leyland, said: “The Fund provides the financial boost needed to encourage innovation and investment in businesses in order to safeguard and create new jobs, increase the skills of existing staff and enable businesses to expand to increase economic activity in the District.

“In the current economic climate when finances are tight, this fund can mean the difference between growth or not.

We have seen some truly diverse projects funded through the scheme and look forward to supporting many more.”

The RDF can support up to 75 per cent of the cost of the project, up to a maximum of £50,000.

Projects involving more than one business are encouraged to apply and may be eligible for higher funding.

Applications up to £5,000 will be decided at expression of interest stage.

Funding requests over £5,000 which pass the expression of interest stage will require submission of a full application form together with supporting documentation.

Applicants will then be asked to attend an RDF panel meeting to present their proposal.

For more information, visit www.e-lindsey.gov.uk/businessfunding or contact the Economy and Tourism team on 01507 613113.

 

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