Velocity Grants

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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.

Velocity Growth revenue grants (£1,000-£10,000)

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.

Maximum Velocity capital grants (£5,000 to £50,000)

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.

funding

 

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.

Eligibility requirements for grant applications

There are a number of eligibility requirements that businesses must meet to be able to apply. A business must:

  • be a small to medium sized business (with under 250 staff)
  • be based in the South East Midlands
  • have been actively trading for at least 12 months
  • be trading with customers who are other businesses, not retail or to consumers
  • be trading in certain business sectors
  • undertaking a project that adds new value to the business and not day-to-day running costs
  • receive a grant offer letter from Velocity before starting the project

Ineligible sectors

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:

  • Fishery and aquaculture sectors
  • Primary production, processing and marketing of agricultural products
  • Coal, steel and shipbuilding sectors
  • The synthetic fibres sector
  • Generalised education
  • Banking, accountants and insurance companies
  • Medical
  • Construction
  • Hotels and accommodation
  • Retail businesses – Ineligible for Capital grants

How are grant applications assessed?

Grant applications will be assessed by our grants panel within a maximum of two weeks from submission.

Any questions?

Please contact the Velocity Growth Hub on 0300 01234 35 or by email at enquiries@VelocityGrowthHub.com.