Growth does not happen by accident, access to finance is crucial. Significant growth can be achieved through minor product, service or process innovations that create new markets.
The Solent Growth Fund
The Solent Growth Fund has released a total of £5m in funding to support new and existing businesses to deliver new processes / products / services and develop new markets. This is a competitive funding programme tailored to support Solent SMEs to grow quickly.
Businesses must be able to demonstrate high-growth potential through the implementation of one or a combination of these strategies. In addition, the Fund is also available to support businesses experiencing challenging trading conditions that require the creation or safeguarding of jobs.
Supported by the European Regional Development Fund (ERDF), this fund forms part of the Solent Local Enterprise Partnership’s (LEP’s) approach to providing the resources and economic environment, which make it easier for businesses and individuals to be productive.
The funding is available up to April 2019 and offers funds between £10,000 and £500,000 which will be made available on a grant, loan, forward-funding or equity share bases, at intervention rates ranging from:
- 20% for established businesses seeking to grow quickly (high-growth);
- 40% for start-up businesses with high-growth potential; and
- 40% for businesses experiencing challenging trading conditions
How to apply
Various information documents, the application form and deadline dates are available at Solent LEP.