Applications are invited from SME businesses in the County of Nottinghamshire (ie excluding the City Council area) for capital projects which will enable the business to grow and create new jobs. Individual capital grants area available between £20,000 and £250,000 and we expect to allocate up to £2.5m in this round. The first three rounds of the Fund have supported businesses to improve their premises, move into new premises and purchase new machinery; all of which have allowed the company to grow and create jobs for local people.
Please read the guidance carefully, but the key points to note about the NEDCF are as follows:
- funding is available as a grant; it is not a working capital or loan fund
- grants are awarded for new capital projects; work should not have started and the assets purchased must remain in Nottinghamshire
- the project should create new jobs. It is the aspiration of the Fund that 85% of the jobs created will be at or above the Living Wage Foundation’s recommended living wage, currently £8.45 per hour
- the grant needs to demonstrate value for money
- this is a financial support of last resort, when all other mainstream funding routes have been exhausted
- grants are subject to EU State Aid rules which determine the eligibility of the business and the amount of intervention which may be considered.
The closing date for applications is 4pm Monday 6th March 2017. Can I ask you to circulate details to your respective business members across Nottinghamshire to encourage applications and if they or you have any queries, please submit these by e-mail to ecdev@nottscc.gov.uk
