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
The County Council has received a number of applications for financial support from the Nottinghamshire Economic Development Capital Fund (NECDF) as part of Round 4 of the scheme. The fund is now closed for any further applications.
If you would like to register an interest in future funding opportunities or help and support to expand your business contact email@example.com.
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.