Date posted: 7th Nov 2023
A new grant funding programme has been launched for many Northeast locations.
By Partner, Carl Wright
The Business Growth Fund has been designed to support businesses looking to invest in capital expenditure of £67k or more and our grants team is on hand to assist you with this application.
The expenditure can include plant, machinery and equipment, premises and fit-out works, and other capital equipment (excluding motor vehicles). The fund is open to all businesses with 250 FTE employees or less in the region; this means that larger businesses, including those part of national and international groups, can apply as long as their headcount in the region is 250 or less.
Businesses must already be trading, pre-trading businesses are not eligible. The majority of business sectors are eligible, however, primary agriculture, fisheries, banking, insurance and businesses providing services associated with public services (e.g. housing, education, and other local welfare services) are ineligible.
Potential displacement will be considered as part of the assessment of applications and therefore, the sectors offering localised services and those in the B2C sector may be deemed ineligible.
The key details to consider for the Business Growth Fund are:
- Level of Grant Support can be up to 30% of eligible capital expenditure
- Grant funding will be between £20k and £300k
- There is a minimum expenditure of £67k
The locations of eligible businesses must be Sunderland, Gateshead, Newcastle, North Tyneside, and Northumberland.
The funding can be useful to many businesses, and you must seek professional advice from me and the grants team to ensure you have the best chance of securing your application.
Our grants advisory team have secured over £300m of grant funding for our clients and has extensive experience in all stages of the application process, from bid writing to due diligence.
To find out more about the Business Growth Fund, contact a member of the grants team here.
