South Holland District Council has launched a new Grants4Growth funding programme, aimed at local SMEs and businesses who are looking to expand and create jobs within Greater Lincolnshire.
The grant offers the opportunity for eligible businesses to receive financial assistance for the purchase of machinery, equipment and other assets up to the value of 28% of the total cost, in order to support growth and expansion plans.
The grant is available to all eligible business based within the Greater Lincolnshire Local Enterprise Partnership area, including North and North East Lincolnshire.
The eligibility criteria for the grant application include:
- Businesses with a turnover of less than £44 million a year
- Businesses who employ less than 250 employees
The current Grants4Growth programme has helped to fund various businesses including printing, engineering and manufacturing sector businesses.
Mastenbroek Ltd, a family owned trenching firm based in Boston, previously received funding through the previous Grants4Growth programme to purchase a vertical turning and milling centre.
This acquisition of new machinery has helped them to increase their turnover by 20%, as well as create three new job positions within the company.
Nigel Burch, Acting Inward Investment Manager at South Holland District Council, said: “This grant will not only allow businesses to create new jobs, but it can also play a huge part in improving productivity through growth, thereby enabling a business to increase their turnover and profitability.”