Growing and innovative businesses in East Cambs are being encouraged to apply for a capital grant of up to £50,000.
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.
In total £550,000 is being made available to East Cambridgeshire District Council and the Cambridge & Peterborough Combined Authority through the Rural England Prosperity Fund.
The programme is open to any existing SME or micro businesses located within the district.
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, the supply chain
Interested businesses can submit an Expression of Interest form from Monday 25 November until midnight on Friday 3 January 2025.
If approved, applicants will be invited to submit a Full Application by midnight on 14 February 2025. Successful applicants will be notified after 28 February 2025.
The minimum award available to any successful applicant is £10,000 and the maximum award is £50,000. Access to grant funding for those businesses who are approved will be up to a maximum of 50% of the totalproject 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 £310,511 and supported the growth of 20 businesses including Silver Oak Coffee, The Beauty Loft Ely and Julia’s Tea Rooms, helping to deliver projects to the value of £1.5 million.”
More information, including eligibility criteria and the application form, can be found on our Capital growth fund webpage. Any enquiries regarding guidance should be directed to: business@eastcambs.gov.uk.