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Deadline looms for capital funding grant bids

BUSINESSES looking to strengthen performance via capital funding have received a boost.

The Recovery and Resilience Grant Scheme supports businesses in the South East Midlands looking to invest in new technologies, plant equipment, machinery, or fixtures, designed to create employment opportunities.

Grants of between £5,000 and £50,000 will be delivered by the South East Midlands Local Enterprise Partnership’s Growth Hub and are part-funded by the Getting Building Fund and the European Regional Development Fund. 

The grants are designed to build business resilience and cover up to 50% of the total price of a project. The scheme, which began on Monday (October 4) is designed to aid future recovery and as such there is a requirement for businesses to plan for jobs to be created as a result. 

As a guide, businesses are expected to create one job per £10,000 of grant.

Interested businesses will be asked to fill in an Expression of Interest on the SEMLEP’s Growth Hub website to determine eligibility for the grant. Following an initial response, they will then be offered a one-to-one consultation with a business adviser to work through their application.  

SEMLEP chief executive Hilary Chipping said: “It is still a very uncertain time for many businesses so it is wonderful to be able to give businesses access to funding that will encourage them to make capital investments.

“This will not only help accelerate the short-term recovery of the local economy but also lay the foundations for long-lasting, sustainable growth.”

Growth Hub project manager Amanda O’Donoghue added: “This programme is such a great opportunity for us to really make a difference for businesses in our area. It is fantastic seeing the passion and ingenuity that local businesses bring to us and I am proud to be able to provide the funding that will help make their plans a reality.”

Expressions of Interest close at 10am on October 18 but SEMLEP’s Growth Hub reserves the right to close them early depending on levels of interest. The deadline for completed applications is midnight on November 28.  

To find out more, visit www.semlepgrowthhub.com/recovery-and-resilience-grants/ or call 0300 01234 35.

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