£1m grant fund to help small businesses in Warwickshire to grow

Warwickshire County Council has announced new funding worth £1 million to support small businesses in the county.

The grants will be available to small and micro businesses with plans to grow, either by employing more staff or increasing turnover.

The funding is designed to help businesses access capital investment that will help them diversify or modernise their operations, leading to economic growth and job creation.

The cash is part of a £3 million package of support approved by Warwickshire County Council for the county’s SMEs. The announcement about the grants follows the recent launch of a loan fund for Warwickshire businesses.

Small and micro firms across Warwickshire will be able to apply for grants worth £5,000 to £35,000. Successful applicants will need to demonstrate how the cash would lead to increased turnover or new jobs in the county, or protect existing employment.

Grants will only be available towards the costs of capital assets such as buildings, plant, machinery and equipment.

The grants are directed towards small enterprises (fewer than 50 employees) or micro firms (fewer than ten employees), primarily in the following sectors identified as key growth areas for the local economy:

• manufacturing/advanced engineering
• automotive
• intelligent transport systems
• IT services/ digital media and creative industries
• low carbon technologies
• business and professional services
• tourism

Applications from businesses led by women are also being encouraged.

Cllr Izzi Seccombe, leader of Warwickshire County Council and board member of the Local Enterprise Partnership, said: “Small businesses are the backbone of our local economy. We want to encourage and support as many of them as possible to thrive. This funding - part of a £3 million package of support approved by Warwickshire County Council - will enable yet more SMEs to grow, creating more jobs and productivity in the county.”

Cllr Philip Johnson, Chair of the council’s Communities Overview and Scrutiny Committee, added: “This is an excellent opportunity for local firms. We hope as many small businesses as possible will take advantage and apply for funding for their plans for growth.”

Businesses can apply for a grant of up to 40% of the total eligible costs.

Deadlines for the funding vary. The first round closed on November 16th with a further round to be announced soon. For more information, or if you would like to discuss a potential project, please visit: http://www.warwickshire.gov.uk/businessgrants or contact Warwickshire County Council’s Economy and Skills Group on Tel: 01926 412709.