Greater Lincolnshire Growth Fund (Free)
What is the grant available for?
In order to add value to the current (and planned) business support offer in Greater Lincolnshire, and avoid duplication with existing provision, funding applications are focussed on;
- Support for private sector businesses operating in one of the priority LEP sectors; Agri-food, Manufacturing, Health and Care, Ports and Logistics, Visitor Economy, Low Carbon and Digital
- Delivering transformational projects which align with the wider ambitions of the Strategic Economic Plan to help businesses across Greater Lincolnshire increase productivity and create new wealth and jobs
- Applications that require between £150,000 and £500,000 in capital grant funding with provision of between 70 and 80% match funding
- A grant of 150k will need to create 27 jobs, £500k needs to create at least 90 jobs
- Value added activity that will create new commercial opportunities and additional sustainable employment in Greater Lincolnshire
- New investment in property infrastructure, buildings and refurbishment costs; plant, machinery & equipment; IT and new technology; staff recruitment and training costs
- Projects which can start within 12 months of the award of funding
Percentage of Project Cost
In line with the responsible use of public funds, applicants will be expected to provide match funding covering as much of the project’s costs as they are reasonably able to, from their own resources and those of third parties such as banks or investors. It is proposed that;
The percentage of project costs required to be provided by the applicant is variable and assessed by the grant panel on an case by case basis however, the following applies:
- A maximum of 30% of total eligible expenditure will be provided for small and micro businesses, with up to 50 employees (resulting in a minimum project value of £500K);
- A maximum of 20% of total eligible expenditure will be provided for medium and large businesses, with 51 employees or more (minimum project value of £500K)
There is significant eligibility criteria including both sectoral and state aid:
The following are sectors ineligible for support
- fishery and aquaculture sectors
- primary production, processing and marketing of agricultural products
- the coal, steel and shipbuilding sectors (excluded by the General Block Exemption EC 800/2008)
- the synthetic fibres sector (excluded by the General Block Exemption EC 800/2008). Further explanation of the meaning of synthetic fibres sector can be found on the European Commission website at http://ec.europa.eu/competition/state_aid/legislation/archive_docs/96c94_en.html - Code on Aid to the Synthetic Fibres Industry (1996, subsequently extended.)
- Banking and insurance businesses can not be supported, as their activities are non- productive and support to one institution is likely to lead to displacement of jobs, except as a deliverer of services or match funding, for example as members of a VCLF consortium.
- Establishments providing generalised (school age) education should not be supported as this is a statutory duty on local authorities.
State Aid Eligibility Criteria
Small and Medium Enterprises (SMEs) - SMEs will be supported under the De Minimis State Aid Exemption
De minimis aid can provide up to €200,000 of funding over a 3 year fiscal period to businesses which meet the definition of an SME (A firm that is part of larger group may need to include staff headcount/turnover/balance sheet data from that group too). Further information can be found:
Larger businesses in assisted areas with in excess of 250 employees may be eligible for grant support and these will be considered on a case by case basis). They will be supported under one of the following State Aid Exemptions:
Focus on commencement of a new economic activity into the area, including movement of an activity from one area to another, for example the development of a centre of excellence.
Though focussed on research and development can also cover materials, consumables and personnel costs relating to research and delivery of a scheme.
Delivery targets and required outcomes
Applications will be appraised on a case by case basis and are welcomed from businesses who can deliver transformational projects which align with the wider ambitions of the Strategic Economic Plan by increasing productivity and create new wealth and significant jobs.
Grant amounts available
Grants are available between £150,000 and £500,000
Who provides the grant?
The Grant is provided through the Greater Lincolnshire LEP
How to Apply
Expressions of interest are welcomed in due course. Information will be updated in the near future.