Business urged to cash in on County Council growth funding
Businesses looking for financial backing to help them expand are being invited to bid into a £6m Nottinghamshire County Council growth fund, which re-opens from Monday 30 January.
The Nottinghamshire Economic Development Capital Fund (NEDCF), which aims to boost economic growth and job creation, will welcome new applications from small and medium sized businesses in the county.
The fund was first launched in April 2014. So far, it has:
• Provided £3.5m in funding to over 30 businesses
• Created 375 new jobs and safeguarded a further 400 jobs
• Levered in an additional £20.5m in other public or private funding
Around £2.5m of the fund still remains and applications are being invited for a new round of grants up until Monday 6 March 2017.
Types of projects the NEDCF could support include land or property developments for an individual company's expansion and the purchasing of new equipment and machinery to support growth.
Grants of between £20,000 and £250,000 are available to invest in capital projects for businesses that can demonstrate how they will create or secure sustainable jobs. The maximum grant available depends on how much is allowed under State Aid rules about how much public money can be used to support a particular business.
There is a target for 85% of all the new jobs created through the NEDCF to be paid at, or in excess of, the Living Wage Foundation hourly rate of £8.45 per hour.
Full details about the fund, criteria and application forms are now available from the County Council's website.
Councillor Diana Meale, Chair of Economic Development Committee at Nottinghamshire County Council - which created and oversees the NEDCF - said: "Severe and on-going Government funding cuts are negatively impacting Council services but we are determined that it should not be at the expense of our support for local businesses, local jobs and the local economy.
“We have pledged to continue making job creation and growth in Nottinghamshire a top priority, demonstrated by our substantial, on-going financial backing to businesses keen to realise their potential in Nottinghamshire.
"I have visited many of the companies we have supported through grants and seen for myself the positive difference it is making to those firms and the new and existing people who work there.
"In many cases, the NEDCF has been the final element of their funding package, clinching an extra £7 in external investment for every £1 contributed by the fund, which is fantastic news for the local economy."
Businesses to receive NEDCF funding from Nottinghamshire County Council include:
ABM Precast Solutions of Tuxford - ABM produces innovative precast concrete products for major civil engineering projects across the UK and further afield. Previous work has included manufacture of bridges for Nottingham Tram network and dualling of the A46 in Nottinghamshire, a new access concourse for the Olympic Stadium in London and an underground facility for the Renault Formula One team.
The company was granted £48,366 from NEDCF round three towards an investment in new cranes, allowing it to bid for more complex projects. This investment builds on the growth the company has achieved following support through round two of the fund.
Deanstor of Mansfield - Deanestor specialises in manufacturing furniture, specifically for the health, education and leisure sectors. The company was granted £170,000 from the NEDCF towards costs of extending its current factory and new equipment to increase production capacity by 40%. The expansion will generate 6,000 sq.ft of new productions space, creating 20 new jobs and safeguarding a further 15.
Inspired Scaffolding Services (ISS) of Bilsthorpe - ISS supplies and installs scaffolding and associated equipment for all sizes of building projects, both for trade and domestic properties. The company was granted £53,000 from the NEDCF towards the purchase the site it currently leases and erect a garage/service to enable on-site vehicle maintenance and create a training facility. The scheme will create 32 new jobs.
J-Flex Rubber Products of Retford - J-Flex is a well-established and international supplier of rubber sheet products, including silicone sheets, rubber mouldings, gaskets, extrusions, rubber sealants and adhesives. The company was granted £26,500 from the NEDCF towards investment in new machinery, which will increase production capacity to meet demand.
Redheads Digital of Shireoaks, Worksop - Redheads Digital provides digital printing, exhibition printing, portable display materials, vinyl banners and signage. A £20,000 NEDCF grant will enable Redhead to produce specialist signage for the health sector which is a growing part of its business.
Leisure Vehicle Acquisitions (LVA), Mansfield - LVA operates a number of on-line auction sites for the motor home and caravan sectors. A £30,000 NEDCF grant is supporting the development of "Autofox Auctions", a bespoke website which facilitates on-line trade auctions of cars and vans. This will be a new service for the sector, enabling LVA to be the first to market.
Goodman Metalworks, Colwick - Goodman is an established metalworking company producing and supplying steel and stainless steel fabrication services for a wide range of uses. A £178,000 NEDCF grant is supporting a £2.4m growth programme, including the creation of additional workshop and office space, refurbishment and purchase of new machinery. The programme is creating 13 new jobs and 4 apprenticeship positions.
Nottinghamshire County Showground, Newark - owned by registered-charity, the Newark and Nottinghamshire Agricultural Society, the showground attracts 850,000 visitors to 750 events per year, including antiques fairs, the Vintage Tractor Heritage Show and Nottinghamshire County Show.
A NEDCF grant of £170,000 was part of a total investment of £1.3m to create new seminar and conference facilities and complete renovation of the Lady Eastwood Centre. Eight of the anticipated 12 jobs have already been created and catering and facility hire revenues for the first six months of operation are 200% higher than the annual target.