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Funding pot of £1.3m available to SMEs in Greater Lincolnshire looking to grow their business Magazine

South Holland District Council have launched a whole new Grants4Growth funding programme, geared toward local SMEs and businesses who’re planning to expand and make jobs within Greater Lincolnshire.

The grant provides the chance for eligible businesses to receive financial aid for the purchase of machinery, equipment as well as other assets up to the need for 28% in the total cost, as a way to support growth and expansion plans.

The grant is offered to all eligible business based throughout the Greater Lincolnshire Local Enterprise Partnership area, including North and North East Lincs, which makes use of the grant money to acquire physical capital assets, including machinery or another equipment. The eligibility criteria for any grant application include:

  • Businesses which includes a turnover of fewer than 44 million a year
  • Businesses who employ lower than 250 employees

The current Grants4Growth programme has helped to purchase various businesses including printing, engineering and manufacturing sector businesses. The grants that have already ended up received have helped to purchase acquiring tooling and engineering equipment, a warm foil and letter press machine, forklifts, laser cutting machines, air compressors and specialised printing machines.

Mastenbroek Ltd, children owned trenching firm in Boston, previously received funding from the previous Grants4Growth programme to purchase a vertical turning and milling centre. This getting new machinery assists those to better their turnover by 20%, in addition to create three new job positions within the company.

Nigel Burch, Acting Inward Investment Manager at South Holland District Council, says the grant programme aims to aid numerous local business owners as they can fulfil their expansion plans and boost their business. “This grant won’t just allow businesses for making new jobs, but it really also can play an incredible part in improving productivity through growth, thereby enabling? a small business to elevate their turnover and profitability”.

Businesses may use to get into the Grants4Growth funding opportunity through their online expression appealing form at grants4growth.sholland.gov.uk.

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