RfM’s Business Growth consultants like to keep up to date with news from the various grant-awarding bodies across the region. Word has it that a number of Development Funds in Lancashire have money available to give to projects that will create jobs and grow the local economy. We can help businesses to secure grants from these funds and make their plans a reality.
Unlike funding from a lender or investor, money awarded in grants does not have to be paid back by the business. You will usually have to provide at least the same amount in funding from other sources, but a grant could be the difference between the project being successful or never getting off the ground. Banks and other finance firms also look more favourably on projects supported by grant funding as it improves the expected return on investment.
The Development Funds offer grants to businesses to support eligible projects that will create economic growth and sustained employment in rural areas. As such, large areas of the North West fall within the catchment areas for a number of funds.
Business Growth Grant monies still available
Our Business Growth consultants meet regularly with local growth hubs and funding organisations and have recently learned that there is Development funding available in several North West regions. Whilst you may not think your business operates in a ‘rural’ area, many regions outside the main town and city centres – including on the outskirts of these urban areas – fit the criteria to be considered for the funding. We can advise which areas fall within the catchment for which funds and whether you would be able to apply.
If your business growth project will be located in – or provide an economic benefit to – one of these regions, you could be eligible to apply for development funding for up to 40% of the project costs (up to c.£200,000).
Currently, projects will need to have completed by March 2019 – so time is of the essence.
Grants are available to eligible businesses that can demonstrate that their plans for growth will create jobs and help to develop the local economy. The money cannot be used to fund the purchase of land, however, it can be put towards the construction and fit out of buildings and purchase of capital equipment.
Helping businesses to secure Development Funding grants
Tony Backhouse, Director of RfM Consulting, and a specialist in business growth, has helped a number of businesses to apply for and secure Development Funding. Their projects can now go ahead thanks to these grants.
As an example, we are currently supporting one local firm apply for funding towards the construction of new premises. The project will generate work for local contractors and, long term, will create over 20 new jobs in the region. RfM Consulting has advised and supported the client through each stage of the process to secure funding of £136,000 towards a total budget of £340,000.
Make your plans happen
If you have made plans for growth and need additional funding, please get in touch. If you are not currently eligible, we may be able to advise you on how your plans could be adapted to be considered for development funding or guide you to other grant funds. Where grant funding is not available to you, we can direct you to other sources of business funding.
Find out more today
To arrange a meeting to discuss your project and the funding available, call Tony Backhouse on 07969 900864 or email email@example.com