The Lincolnshire Chamber of Commerce will receive £2 million as part of the latest round of £20 million government funding to help businesses in the region.
The University of Derby and Dalepak in Northamptonshire are the other two beneficiaries from the Regional Growth Fund in the East Midlands.
A total of 50 companies and programmes will receive £300 million in the latest round of the RGF across the country, a government project to create sustainable employment and rebalance the economy.
Simon Beardsley, Chief Executive at the Lincolnshire Chamber of Commerce, said: “We are delighted with the news that Greater Lincolnshire will be receiving £2 million from the Regional Growth Fund.
“It was led by the Chamber and strongly supported by the Federation of Small Businesses, Greater Lincolnshire LEP and Lincolnshire County Council.
“The RGF bid will be used to support capital expenditure, giving Lincolnshire businesses the means to move into bigger premises or invest in new plan machinery and equipment.
“Since the recession we know that county firms have found it difficult to access finance for capital expenditure through conventional methods.
“So this news will be most welcome to companies that have high growth potential, but need financial support to make the next move.
Kate Storey from the Greater Lincolnshire LEP said: “Any extra funding for the LEP area is a huge boost, and £20m for the East Midlands will go a long way to securing future economic growth.
“We have always been happy to back RGF bids made by businesses. We gave our support to the Lincolnshire Chamber of Commerce bid, so we’re delighted to see this approved.”
Simon Beardsley added: “The really unique element to this work will be the role of a dedicated business advisor to support any applicant looking to enter the scheme.
“Where appropriate, business owners will be coached through the process and given advice on how to reap the most reward from their request.
“This will be most beneficial to SMEs who have growth potential, but may be put off in the past by the amount of paperwork needed to benefit from such a scheme.
“Through the RGF funds, our emphasis will be on helping Lincolnshire companies grow and develop; which in turn will create new jobs and support the local economy.
“And giving Lincolnshire businesses access to finance which will support their capital expenditure aspirations, will also put them on a level playing field with other regions of the UK that have benefitted from this support in the past.”
If you would like to know how your business could benefit from the new funding, contact the Lincolnshire Chamber of Commerce on 01522 523333 or email [email protected].