Growth Lincolnshire - Finance for Growth (GLLEP) (Free)

What is the business support?

If you need help to understand the options available to fund your planned growth, decide on the most appropriate type of funding or find the right funding provider, we can help.

Our specialist advisers can also help you present the best funding application possible to get the right documentation in place to apply for growth funding, improving your chances of success.

What could it do for your business?

This finance for growth programme can help your business with the following support and services:

  • Guide you through the processes for different funding options such as self-finance, debt, equity and grants.
  • Understand your current position: Funded diagnostic review and support.
  • Find potential investors: networking with our contacts.
  • Have an independent expert assess your business: support development of your core skills and opportunities.
  • Learn how to become an attractive proposition to funders and achieve the above with consultancy support and financial help.
  • Improve your general productivity, financial forecasts and other business

Who runs it?

This Growth Lincolnshire programme is run by The Business Lincolnshire Growth Hub

How to find out more

To book an appointment with a Growth Hub advisor please follow the link below:

http://www.businesslincolnshire.com/people-skills/contact-us

 

What is the grant available for?

If you can demonstrate your investment will create new jobs or significantly increase your turnover, you may be able to access a grant to part fund your project. Grants range from £1,000 to £10,000 and can contribute between 30% and 50% of your overall project value.

To find out more information about the grants that are available please follow the below link:

(http://www.businesslincolnshire.com/advice-grant-scheme-finder/188/growth-lincolnshire-grants)

Capital or Revenue or both?

The application can either be for a capital or revenue grant. A mixture of both types of expenditure in a single application is not allowable. 

Percentage of Project Cost

The percentage of project costs are 50% for grants between £1,000 and £2,999 and 30% for grants between £3,000 and £10,000.

Eligibility Criteria

To qualify for each of these grants your business must meet the following criteria:

1. An SME as defined by the EU definition. This means your company or group of companies must have:

  • Fewer than 250 employees
  • A turnover less than or equal to €50 million OR
  • A balance sheet total less than or equal to €43 million

2. Able to demonstrate the intention to grow/improve – (through creation of increased turnover, increased jobs and/or introduction of new products/services/processes)

3. Businesses operating mainly in the following sectors are unfortunately not eligible:

  • Fishery and aquaculture
  • Primary production, processing and marketing of agricultural products
  • Coal, steel and shipbuilding
  • Synthetic fibres

Delivery targets and required outcomes

Grant supported Growth/Improvement projects must be completed, paid and claimed for within 6 months of grant confirmation. Grants cannot be paid for work that has already been completed.  

SME beneficiaries must adhere to EU procurement rules, by inviting a minimum of 3 quotations for the project. The grant paid will be based on the lowest quote. 

Grant amounts available

Lincolnshire Growth Hub Business Growth Grant (BGG)

Small grants between £1,000 and £2,999 with 50% of the project cost being provided by the business and 50% by the grant.

Large grants between £3,000 and £10,000 with 70% of the project cost being provided by the business and 30% by the grant.

The upper limit on the total project value that could apply for a Business Growth Grant is set at £100,000.

Lincolnshire Growth Hub SME Digital Growth Grant (DGG)

There is up to £1,000 available to support up to 50% of eligible costs

 

Who provides the grant?

The Business Lincolnshire Growth Hub part funded through the European Regional Development Fund 2014-20 programme.

 

How to Apply

To book an appointment with a Growth Hub advisor please follow the link below:

http://www.businesslincolnshire.com/people-skills/contact-us

Applicants will be referred to the Grant by their Growth Hub Advisor, who will endorse the application & collect evidence of outputs.

The grant is part funded through the European Regional Development Fund 2014-20 programme.'

Contact Information:

Contact:
Russell Copley

Telephone numbers:
01332 608243

Email:
russell.copley@bizlincolnshire.com