New £1m funds for Lincoln business and jobs growth

City businesses can bid for grants up to £50,000 to create new jobs from a new £1 million funding pot secured by the University of Lincoln.

The Lincoln Growth Fund (LGF), working as part of the Lincoln Science and Innovation park scheme, will be delivered by the University of Lincoln until 2015.

The scheme will be focused on generating maximum growth from the £24 million partnership between the University and the Lincolnshire Co-operative, who are creating a Science & Innovation Park adjacent to the main Brayford campus.

Aiming to add 135 jobs in 20 businesses around the city, the LGF will provide grants of up to £50,000.

Businesses will be invited to apply for a share of the £1 million fund in return for demonstrating their capacity for creating jobs.

The funds will also help provide a range of equipment, improving business premises and the recruitment of skilled staff.

The LGF was launched after a successful bid to the Government’s Regional Growth Fund. The university will lead the delivery of the programme, with support from the Lincolnshire Echo and Lincolnshire Co-operative.

Professor Mary Stuart, Vice Chancellor at the University of Lincoln, said: “Securing the funding is evidence of our desire to see the city prosper and maximise job potential.

“The successful bid for funding highlights the efforts of the many fantastic businesses already based in Lincoln and I look forward to seeing our city continue to thrive in the coming years.”

Ursula Lidbetter, Chief Executive of Lincolnshire Co-operative, also praised the launch of the LGF: “This is a major boost to the economy of Lincoln. It will create new jobs, new momentum and build on our excellent innovation culture.”

Lincoln MP Karl McCartney added: “I am delighted that the representations I made back in March to my Ministerial colleagues at the Department for Business, Innovation and Skills in support of the University of Lincoln’s RGF application have been successful in securing a £1million grant to help establish the Lincoln Growth Fund and creating new jobs in the City of Lincoln.”