Monday, 13 June 2016 05:49

£6m growth fund re-opens for bids

Written by  Ruralcity Media
£6m growth fund re-opens for bids

A £6m fund to boost economic growth and job creation has re-opened for new bids in Nottinghamshire.

So far, around £2.35m of the Nottinghamshire Economic Development Capital Fund (NEDCF) has been awarded to 19 companies.

The projects supported to-date have helped create 269 new jobs and 27 apprenticeships.

They have also safeguarded a further 446 posts and lever in £17.3m in additional investment from banks, other public funds and businesses.

Now the fund, originally launched in April 2014, is being re-opened by Nottinghamshire County Council for businesses to apply for the remaining £3.5m available.

Councillor Diana Meale, chair of the local authority's economic development committee, said: "Creating jobs and growth in Nottinghamshire is a priority for the county council.

"I'm delighted with the progress made through the fund so far and look forward to it supporting more growth and job creation in the near future."

The types of projects the fund could support include land or property developments for an individual company's expansion and the purchasing of new equipment and machinery.

Grants of between £20,000 and £250,000 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.

There is a target for 75% of all the new jobs created through the NEDCF to be paid at or in excess of the Living Wage Foundation hourly rate (£8.25 per hour).

To date, bids have been come from across Nottinghamshire and the Council has already experienced some significant interest in the Fund, prior to it re-opening.

Councillor Meale said: "With more than half the fund still available, we're already well on the way to our target of creating 550 new jobs and have already surpassed our aim of safeguarding a further 350 posts.

"I have visited several of the companies we have supported through grants and seen for myself the difference it is making to those firms and the new and existing people who work there.

"In many cases, the NEDCF has been the vital, final element of their funding package, releasing an extra £7 in external investment for every £1 contributed by the fund, which is fantastic news for the local economy."

Full details about the fund, criteria and application forms are now available at www.nottinghamshire.gov.uk/capitalfund.

Case studies featuring some of the businesses supported through NEDCF are available at www.nottinghamshire.gov.uk/capitalfund.

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