Local Grant Funding! What is it for? Where do you get it? How does it work?
By Matthew Lawrence of Lawrence Business Finance
Grants are provided to encourage investment that will lead to increased employment or output.
The three main investment categories are:
Innovation (products and processes)
Business development (new staff, training, marketing, operational improvements)
Smaller innovation grants usually, LEP specific, are dealt with by a wide range of organisations bodies. Birmingham City Council, Wolverhampton, Birmingham and Coventry Universities to name just a few, have all managed recent schemes.
Capital Expenditure and Business Development grants are usually provided on a sub-regional basis. Managers include City, County, Borough and District Councils, Growth Hubs, Chambers and more. Common grants are for equipment, consultancy, marketing, energy saving etc through dozens of different programmes.
The principal programme running in the West Midlands is the Business Growth Programme providing up to 50% grant funding from £10k to £1m managed by Birmingham City Council.
It’s hard to know, if a programme currently exists, where to go, and if you’re eligible, before you even apply! But if you don’t ask you don’t get!
My tip, if you’re considering spending on something new or different, think grant before you decide. Grants cannot be given retrospectively so you could miss out on 50% + saving.
If you wish to find out more, you can contact Matthew on 07770 683874, email email@example.com