What is the grant available for?
The MGI grant is available to manufacturing companies already based in East Lindsey as well as those looking to invest in the area, which are looking to bring forward new investment through the provision of new premises or additional commercial floor space. Eligible business will receive a refund on a percentage of the business rates payable on the additional floor space they create.
Percentage of project cost
Refunds will be based on a sliding scale of reimbursement over a three year billing period from the first financial year following completion of the associated works, as follows: Year One (50% refund of Business Rates); Year Two (40% refund of Business Rates) and Year Three (30% refund of Business Rates).
Any eligibility criteria
- must be located in East Lindsey.
- must be a manufacturing property.
- must be at least 250m2 of new manufacturing floorspace.
The construction of additional premises must result in a net increase in manufacturing floor space.
Applicants must engage with the Council’s planning team prior to submitting an application, in order to have all necessary consents and permissions in place for the planned works.
Any required delivery targets / outcome required
Works must be completed and claimed by the dates specified in the offer letter unless agreed otherwise in writing by the Council.
How to apply for the grant?
There is an application form that will need to be completed and submitted.
Application forms and guidelines can be downloaded from www.e-lindsey.gov.uk/mgi
Applications must be accompanied by:
- Audited accounts for the past two years;
- A business plan outlining growth aspirations over the next three years;
- Three year cashflow forecast;
- Planning permission;
- Proof of ownership or landlord’s permission:
- Site plan showing premises to which Business Rates refund relates.
Only electronic applications and scanned attachments will be accepted.
Applicants will need to clearly demonstrate how the refund will be used to help grow the business and create jobs.
Applications must be made no later than 28th February 2020.