West Lindsey District Council has created a district-wide fund to help businesses with professional fees and technical survey work associated with development and growth.
The Gainsborough-based Council recognises that businesses need extra financial support when seeking ways to expand and create new jobs, and has reallocated £150,000 from the former Gainsborough Growth Fund “Feasibility Grant” to roll out a widened scheme to help businesses pay for professional advice to give assurances on project deliverability.
Grants of up to £5,000 can be awarded to businesses through the West Lindsey Feasibility Fund, subject to 50% match funding to enable the delivery of a specific development project.
Council Leader Giles McNeill said: “We have listened to what local businesses need and that is why we are delighted to be able to offer this district-wide fund, which supports our Central Lincolnshire Local Plan Policy on “Delivering Prosperity and Jobs”.
“Funding schemes like this help give more certainty on the type of financial investment required and the funding strategy necessary to support business development prior to implementation, therefore reducing investment risks.
“By undertaking pre-development and feasibility work applicants will be able to fully understand the project’s viability and set out investor-ready plans and the financials associated with improving their operations or commercialising their product or service. We hope this will serve as precursor to potential major business investment and growth in the district and I am pleased the Council is adopting this enabling role.”
The Feasibility Fund will pay up to 50% of the overall eligible cost (to a maximum of £5k) and applicants will be expected to have private match funding in place in order to apply for the grant.
Types of activities eligible for support include:
- Architectural fees to support master planning and site/building development
- Survey work undertaken by professionals in support of sites/premises development and planning
- Professional fees for feasibility work in connection with capital equipment and product development
- Other potential feasibility costs to be considered on a project by project basis
Cllr Owen Bierley, Deputy Leader of West Lindsey District Council and a member of the Feasibility Funding Panel said he hoped businesses would embrace the offer.
He said: “West Lindsey is a thriving district which is home to many good quality businesses, who are leaders in their field both nationally and internationally. The Council is here to help retain and grow our local businesses and incentives like the Feasibility Fund is one way of helping to stimulate growth. It is also an opportunity to deliver new inward investment by attracting new business sectors to our area and enhancing the skills of the local workforce.”
The fund will not be able to support the following:
- Salaries and fees associated with statutory consents (e.g. planning) cannot be funded as part of this offer.
- Funding will not be awarded retrospectively for costs incurred or projects/works that have already started
For more information email the Growth Team or complete the: Enquiry and Eligibility Form