A £1.25M pot of funding has been secured for businesses in the South East Midlands seeking to expand, invest and recruit.
There are two types of grants (both part-funded by ERDF) available – Velocity Growth revenue and Maximum Velocity capital grants.
The funding is exclusively for SMEs based in the South East Midlands Local Enterprise Partnership (SEMLEP) area – a geography which covers Aylesbury, Bedford, Central Bedfordshire, Cherwell, Luton, Milton Keynes and Northamptonshire.
This can fund up to a maximum of 33% of the total price of goods or services. This type of grant will support specialist consultancy, projects, goods and services related to increasing sales, improving productivity and profitability and improving business processes.
Grants have previously been awarded to support market research, website design, re-branding, marketing collateral, customer relationship management software and recruitment for hard-to-fill posts.
Amounts awarded will be based on a maximum of £5,000 for each job that is created by the project.
Capital grants can fund up to a maximum of 25% of the total price. Project ideas include investment in technology or processes that facilitate growth and create jobs, such as plant equipment, new machinery, and an extension to land or premises. Amounts awarded will be based on a grant of £5,000 for each job that is created by the project.
Amounts awarded will be based on a grant of £5,000 for each job that is created by the project.
Businesses can make a combined revenue and capital grant of up to £60,000, if necessary.
The grants are part-funded by the European Regional Development Fund. The last date that grants will be awarded is 30th September 2018 unless funding has been fully committed prior to that date.
There are a number of eligibility requirements that businesses must meet to be able to apply. A business must:
Unfortunately, some sectors are ineligible for grant support. The list below is not exhaustive and exemptions can apply. Please speak to your Velocity Business Adviser about eligibility for grants or business support advice.
Ineligible sectors include:
Grant applications will be assessed by our grants panel within a maximum of two weeks from submission.
Please contact the Velocity Growth Hub on 0300 01234 35 or by email at enquiries@VelocityGrowthHub.com.