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Objectives of Fund

The programme aims to provide direct grant funding to local businesses intending to grow and create sustainable new jobs.

Value Notes

The Fund provides grants of up to 20% or 30% in Assisted Areas, between £5,000 and £25,000.

Match Funding Restrictions

Applicants are required to find the remainder of project costs from alternative sources.

Applicants must be able to clearly demonstrate that they are able to provide the required match funding from other sources of private sector investment, in the form of the companies own resources, commercial loans or other types of investment.

Who Can Apply

The grant programmes are able to support established micro, small, medium and large businesses who must be a sole trader, partnership, limited company, not for profit business, or charity.

The fund targets the geographical locations of Norfolk and Suffolk.

Activity supported by the scheme must provide long term employment, lasting at least one year, creating at least one job for every £10,000 worth of grant provided by the scheme.

All applicants must be able to demonstrate that their organisation is viable, has good growth potential and self-sustaining in the long term.

Applicants must meet the following essential criteria:

• Be able to evidence secured match funding from private funds.
• Be able to prove a need to apply for a grant.

Restrictions

Businesses in the Primary Agriculture and Horticulture, Fisheries, Aquaculture, Forestry, Retail, Care sectors are not eligible. For the purposes of these grant programmes, restaurants, cafes, convenience stores and farm shops are regarded as retail businesses.

Any expansion project costs incurred, or actually paid out, prior to the date grant is approved cannot be supported.

Not acceptable project costs are as follows:

• Land.
• Research and development.
• Road transport vehicles.
• Working capital / operating costs.

Grants are not available to start-up businesses or those in the very earliest stages of trading.

Eligible Expenditure

New Anglia is looking to support well considered expansion projects which lead directly to and are essential to business growth and job creation, not simply expenditure on routine improvements and upgrades which are incidental to expected growth in business.

Examples of eligible project costs are as follows:

• Fixtures and fittings, furniture.
• Plant and equipment, machinery and tooling.
• IT Equipment, software and licences.
• Premises (construction, purchase, extension, improvement).
• Marketing cost.
• Creation of a new website related to the proposed project.
• Commercial vehicles including second hand.
• Professional fees (Legal, planning, architectural fees).
• Recruitment costs of new staff related to the proposed project.
• Training.
• Stock.
• Other costs may also be considered.

How To Apply

Deadline(s):

At any time.

Frequency: Rolling programme.

Link to guidelines:

http://www.newanglia.co.uk/growing-business-fund/

Useful information:

An Expression of Interest form is the first stage of the grant application process, which enables the provider to assess the eligibility for funding.

A hard copy of the signed Expression of Interest form should be sent to the Growth Hub.

Completion of the Expression of Interest Form should not be taken in any way as an indication that a full grant Application will be approved.

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Useful Links

• New Anglia Growing Business Fund