LEP to offer larger grants to small businesses

New Anglia Local Enterprise Partnership has raised the ceiling for funding via its Small Grant Scheme from £10,000 to £25,000, replacing the previous Micro Grant Scheme. The £1.6m pot of funding comes from the European Regional Development Fund.

Small businesses in Suffolk and Norfolk can now apply for larger grants to help increase productivity, cut costs or launch new products.

In addition, businesses no longer have to create employment for grants awarded under £25,000, giving them more control. The Small Grant Scheme is also being extended to allow businesses in the tourism and accommodation sector to apply.

The LEP’s flagship grant scheme, the Growing Business Fund, has changed its grant range from £25,000 to £500,000 for businesses which are creating jobs and expanding.

A representative from New Anglia LEP, said: “We’re committed to helping businesses produce more, cut costs and become more profitable. The grants are designed to help businesses over the line and ease the financial burden of reinvesting. The increased offer will open the opportunities for companies needing the extra capital to scale up their business. We’ve also re-designed the application process to make it faster and our Growth Hub Advisers are on hand to give business owners full support every step of the way.”

More information is available to businesses from the New Anglia Growth Hub’s award-winning team of 16 advisers, offering free, impartial advice across Suffolk and Norfolk. The Growth Hub can be contacted on 0300 333 6536 or via email at [email protected].