Apply today: substantial business funding package to turbocharge local economy

10:49, Friday, 11th August 2023

A substantial funding package – including three brand-new grants – will turbocharge the local economy, delivering growth and bringing new job opportunities to North Lincolnshire.

The cash is part of the Government’s £2.6bn UK Shared Prosperity Fund and will enable businesses to access new markets, invest in new technologies, and adopt energy saving solutions to future proof their operations.

Launching today for the first time is the Capital Investment Grant – with business invited to apply for up to £15,000 to purchase new equipment and machinery.

Companies looking to expand can utilise the brand-new Development Ready Grant. Up to £3,000 will contribute towards planning application fees, specialist support and the creation of masterplans for employment sites.

A third new funding stream, the Supplier Readiness Grant, will enable businesses to access new growth opportunities – supporting them to apply for industry recognised accreditations so they can bid for emerging market and Government contracts.

Cllr Rob Waltham, leader, North Lincolnshire Council, said:

“We’ve worked closely with business leaders to develop this substantial package of funding; these are five grants which will enable local companies to invest in the technology they need to thrive now and expand at pace.

“North Lincolnshire is ideally positioned to benefit from the transition to clean, green energy – and this funding will help our businesses seize these opportunities to grow and remain competitive on the local and national stage.

“With support on offer covering everything from reducing energy consumption to marketing, these are practical solutions that will make a rapid difference to business operations.”

As well as the new grants, others, including the hugely popular Sustainability Business Grant, which initially launched in spring, have returned for a second phase.

This cash pot will support companies to invest in energy production infrastructure such as solar panels or biomass boilers, energy efficient lighting and building improvements including insulation and heat pumps – with up to £5,000 available.

Another grant making a welcome return will help businesses reach new customer bases and grow revenue. With up to £10,000 from the Digital and Marketing Grant, businesses will be able to build or improve websites, launch multi-channel marketing campaigns and more.

On top of delivering the grants, the council continues to offer support to budding entrepreneurs through a dedicated start-up support package. The package offers one-to-one guidance, help with grant applications and workshops designed to enable new businesses to thrive.

For more information on accessing the grants, including eligibility criteria and application forms, go to the Invest in North Lincolnshire website.

To date, more than £1.3m of the UK Shared Prosperity Fund cash has been awarded to businesses and community groups across the area

Part of the Government’s Levelling Up agenda, the fund will deliver £2.6 billion of local investment across the UK by March 2025, boosting productivity and tackling inequality.