November 28, 2014 10.41 am This story is over 112 months old

New £2m funding pot to support Lincoln businesses

SME finance: The University of Lincoln has secured £2m in order to help small businesses grow.
Vince Cable MP with Vice Chancellor Mary Stuart during a tour of the Lincoln School of Engineering. | Photo: University of Lincoln

The University of Lincoln has secured funding to deliver a multi-million pound project that will benefit emerging businesses across the UK.

Business Secretary Vince Cable visited Lincoln on November 27th to announce the allocation of £2 million to the university’s Grow on Growth Fund for financial grants to micro, small and medium-sized enterprises to enhance their ‘grow-on’ from business incubation environments.

Professor Mary Stuart, Vice Chancellor at the University of Lincoln, said: “The Grow on Growth Fund now gives us a great opportunity to take this successful delivery model and apply it to seven targeted locations across the UK. This demonstrates the role the University of Lincoln is playing as part of its commitment to supporting businesses and working in partnership with industry locally, regionally and nationally.”

Individual grant investment delivered through the Grow on Growth Fund will range from a minimum of £20,000 to a maximum of £100,000, where funds awarded can be used flexibly for capital investment in land; buildings and refurbishment; plant, machinery and equipment; IT & new technology; staff recruitment and training; and research and development.

The fund will open for applications in 2015 and will run until March 2017, or until all grant is fully allocated. For details, contact the University of Lincoln via email on [email protected]

This story was first published in issue seven of the new Lincolnshire Business weekly magazine, now available to read at www.lincsbusiness.co. Subscribe to the email newsletter to receive the latest edition in your inbox every Friday.