THEME: Business Support
AREA: Coast to Capital
Creating scale up opportunities for local businesses
Delivery Body: Coast to Capital
Theme: Business Support
Coast to Capital LGF Allocation: £7.02m
Match Funding Contribution: £3.4m
Project Status: Delivering
Summary of Project
Many small or medium enterprises and entrepreneurs can struggle to gain the financial backing they need once they have reached a point in their business plans that require growth. This can often lead to a business not progressing as desired or even failing altogether. In order to support more local businesses to survive and grow, grants being made a viable option gives another option to businesses.
Local Growth Funds were awarded to the Business Finance project to offer grants that would progress businesses to grow within the economy and support local jobs. In addition to the grants, the Business Finance project supports all applicants with independent business planning advice and with the writing of their business case for submission. Even where a business is unsuccessful as an applicant, the programme offers support on an advisory basis.
Coast to Capital took over the management of the Business Finance project and launched the Growth Grant Programme which is designed to stimulate capital investment to help businesses introduce innovation and improve productivity, with funding awards between £40k and £170k.
- 160 new and safeguarded jobs
- 53 enterprises receiving support