The Lincoln Growth Fund, which aims to support small and medium businesses in the city, has been launched.
With £1 million to allocate, the Growth Fund partnership between the University of Lincoln and Lincolnshire Co-op looks to help SMEs in LN1 – LN6 who can directly create sustainable new jobs, safeguard existing posts through flexible investment in capital or require equipment, training, commercial rents or recruitment costs.
Grant sizes range from £20,000 to £100,000 in order to fund up to 40% of a project’s total value.
Successful projects should be fully defrayed within 12 months of project commencement and by May 31, 2015, when the fund closes.
Each project will be monitored to make sure jobs and investment outputs are delivered.
Programme Manager Jane Greaves added: “The Lincoln Growth Fund will be a funder of last resort.
“In line with the responsible use of public funds, applicants must be able to demonstrate that they have exhausted other avenues of accessing funding on terms that would not fundamentally hinder their business.
“At both EOI and full application stage, applicant businesses must disclose the avenues that they have investigated and provide evidence of the outcomes.”
Once applicants are invited to submit full applications, they are offered access to free guidance and support through a Proposal Development Advice Service to develop their full application.
Full applications must be supported by a current business plan, three-year cashflow forecasts, financial statements and any mandatory consents, permissions or licences needed for the application.