Simple Marketing consultancy in Nottingham has received news that Nottinghamshire County Council is encouraging businesses and other organisations to make new bids for a slice of £3m of growth funding. The fund, which is intended to boost economic growth and job creation re-opened on 7 January 2015.
So far, around £1.5m of the Nottinghamshire Economic Development Capital Fund (NEDCF) has been provisionally allocated. Thirteen businesses are at various stages of assessment, five of which have have now been approved for grants between £44,000 and £240,000 for a variety of projects, including new machinery or equipment and building expansions.
Full details of the Fund, including revised guidance and updated stage one application forms will be available from the County Council’s website at www.nottinghamshire.gov.uk/capitalfund from 7 January.
The types of projects the fund could support include land or property development, purchasing equipment and machinery or other capital investments needed for expansion.
Funding applications will be considered from public sector led schemes, but only where it can be proved that they will support private sector growth.
Grants of over £20,000 are available to invest in capital projects, provided they can provide evidence to show they will create or secure sustainable jobs.
The maximum grant available depends on how much is allowed under State Aid rules about how much public money can be used to support a particular business. Potential applicants are advised to review the Guidance carefully.
To apply for funding, businesses and organisations will need to make an initial expression of interest via the website: www.nottinghamshire.gov.uk/capitalfund
Potential applicants are urged to read the criteria carefully to ensure their growth project meets the NEDCF criteria.
Any questions about the fund and the qualifying criteria should be sent by email to ecdev@nottscc.gov.uk .