Nottinghamshire Economic Development Capital Fund
The Nottinghamshire Economic Development Capital Fund provides capital grants from £20,000 to a maximum of £250,000 to help businesses grow and employ more local people.
The grant can be used to support:
- New equipment purchases and machinery
- Other capital investments for expansion purposes like land or property investments.
You must be able to show how the investment will result in job growth.
The maximum amount of grant available depends on State aid rules relating to the amount of public money which can be given to businesses – further information is available in the guidance document [PDF].
Since its launch in 2014 the fund has helped more than 30 businesses providing grants worth £3.5m. The fund has also helped to attract a further £20.5 million from other public or private funding.
How to apply
Please note: all the application documents have been revised since the previous rounds of the Capital Fund. Any application which uses the previous form will not be considered.
Please read the documents carefully. Failure to complete the forms in accordance with the guidelines may lead to the rejection of your application.
Download further information about the Fund:
- guidance notes (updated January 2017) [PDF] - these guidance notes explain how to apply and what kinds of activities are eligible for funding. Please read the guidance carefully before applying, this will guide you on eligibility and important matters such as State aid considerations
- stage 1 application form [Word]
- stage 1 assessment framework and criteria [PDF] - the criteria and process used in selecting applications to proceed to Stage 2
- the general deed of agreement and terms and conditions of the grant [PDF]
The terms and conditions of the grant to be applied if successful.
- information about how the fund complies with state aid law [PDF].
The Fund opens for applications on Monday 30 January and the closing date for receipt of completed Stage 1 application forms is Monday 6 March at 4pm. Any applications received after that date will be held in reserve.
Why is financial support available?
Research shows that many local businesses are struggling to secure finance from mainstream funders for investments designed to help them expand.
Recognising this, Nottinghamshire County Council has introduced the Capital Fund which will provide up to £6 million of financial support until March 2020.
Overall, the Fund aims to:
- help 70 businesses to improve performance
- create 550 new jobs
- safeguard 350 existing jobs
- attract an additional £13 million of funding
- ensure that 85% of the new jobs created are at or exceed the Living Wage Foundation hourly rate.
The Capital Fund has already invested over £3.5 million to a range of schemes across the county which will create 375 jobs. The fund has also helped to attract a further £20.5 million from other public or private funding.
Firms who have benefited include:
- ABM Precast Solutions - £89,133 to pay for new mould to manufacture pre-cast concreate bridge beams, creating 4 new jobs and two apprenticeships
- Leisure Vehicle Acquisitions, Mansfield – £30,000 to develop a bespoke website for on-line trade auctions of cars and vans. This will be a new service for the sector and this award will enable the company to be the first to market, creating 10 new jobs
- Inspired Scaffolding Services, Bilsthorpe - £53,000 to buy their existing site and to erect a garage/service bay for on-site vehicle maintenance and to create an office training facility. 32 new jobs have been created
- Goodman, Colwick - £178,000 to increase production capacity through additional workshop and office space, refurbishment and purchase of new capital equipment to support steel fabrications. The investment will create 12new jobs and four apprenticeships.
Find out more
If you have any questions about the Fund or the application process, please get in touch. Email:firstname.lastname@example.org
The fund operates a two stage application process with only those applications successful at Stage 1 proceeding to the second stage. All Stage 1 applications are scored against the same criteria and in the event of funding applied for exceeding funding available will be ranked and invited to Stage 2 in that order.