Growing and innovative businesses in East Cambs are being encouraged to apply for a grant of up to £30,000.
The money can be used to create or safeguard jobs or bring new products to market. Businesses can also use it to invest in new technologies, processes or measures to improve productivity.
Grants will be made from two funding streams provided to East Cambridgeshire District Council by the Cambridgeshire and Peterborough Combined Authority. £208,000 has been allocated from the UK Shared Prosperity Fund and £102,511 through the Rural England Prosperity Fund.
The programme is open to any existing SME businesses located within the district with an annual turnover of less than £10million.
Applicant businesses should have in place a strong business plan that:
- demonstrates plans to grow the business
- how funding will be used to support this growth
- where applicable how funding will support job creation including apprenticeships
- how the funding will support the business to respond to market changes
- a clear delivery plan for the project that funding is supporting
- how the funding will be of benefit to the wider local economy, for example, supply chain
Businesses can apply for the funding between Monday 1 April 2024 and Friday 27 September 2024 and if successful grants will be awarded within six weeks of a Full Application being received. Interested businesses can submit an Expression of Interest form from 1 April.
The minimum award available to any successful applicant is £5000 and the maximum award is £30,000. Access to grant funding for those businesses who are approved will be up to a maximum of 80% of the total project cost.
Cllr Alan Sharp, Chair of the council’s Finance and Assets Committee, which approved the funding, said: “We are delighted to once again be in a position of encouraging local businesses to invest in East Cambridgeshire. We are particularly keen to hear from enterprises that want to grow or expand, helping to create new jobs and invest in technology and processes for the future.
“Our last funding pot exceeded £600,000 and supported the growth of 30 businesses including Cathedral View Childcare, Studio Nova, Mill Rose Telecom and Demcom.”
More information, including eligibility criteria and the application form, can be found on the council’s website.
Any enquiries regarding guidance should be directed to kieran.carr@eastcambs.gov.uk