East Sussex business grants and loan programme renewed
By Locate East Sussex
East Sussex County Council has launched the eighth version of their business funding programme. East Sussex Invest Eight provides vital loan and grant funds to businesses looking to expand and grow in the county.
Image: Locate East Sussex
East Sussex Invest was established in 2013 by East Sussex County Council supported by the Regional Growth Fund (RGF) and delivered by the County Council in partnership with Locate East Sussex. The fund offers grants and loans for capital investment to stimulate business growth and job creation in the county. Since it started 247 businesses have benefited from nearly £9million in funding, resulting in the creation of at least 1065 jobs. Some local businesses that have benefitted from the fund include: Focus SB, Knoops, To The Rise, Beak Brewery, Falmer Court, Heist, Quintessence, English Soap Company and many more. See the Locate East Sussex website for case studies in the county.
Cllr Simmons, the cabinet member for Economy at ESCC and the chairman of the Grants and Loans panel since it started, said:
“I am delighted that we can continue to support businesses in the county, particularly after such a difficult period. Over the years we have seen some wonderful applications come through which have proved to be very successful businesses. I look forward to seeing more exciting applications over the coming year.”
The fund is divided into two parts: Loans from £10k - £100k with a match funding requirement of 50%, and Grants from £10k-£25k with a match funding requirement of 60%. A loan can be taken out for a maximum of 5 years at low interest rates and usually includes a repayment holiday.
The programme is here to help businesses in a wide variety of industries (excluding Education, healthcare and residential care services) with capital investment in premise upgrades and equipment purchases to support business growth.
To apply for the fund, businesses must fulfil a set of criteria, including:
Must be a Micro, small and medium (SME) businesses (under 250 employees), or start-up.
Capital expenditure items only are eligible. These include: building works to upgrade or extend the premises; fixtures and fittings; machinery; equipment; software (purchase and development); marketing drives; targeted consultancy; specialist training. Excludes property or land acquisition and all revenue.
Businesses must demonstrate how they plan to reduce their carbon footprint. This does not have to relate to the capital expenditure. An Environmental Responsibility Plan is an advantage.
Applicants must have a business plan showing how the business will grow and create jobs.
This fund will not support the displacement of jobs or businesses; therefore, local retail and service sector funding will normally be restricted to a maximum loan of £20,000.
For the full set of criteria and more information on applying for an East Sussex Invest loan or grant, please contact Locate East Sussex on www.locateeastsussex.org.uk or email enquiries@locateeastsussex.org.uk.
