Funding boost to benefit Waterside businesses

Business in the Waterside area of the New Forest can benefit from a new £5m funding pot made available through the Solent Growth Fund.

The funds will be administered by Solent Local Enterprise Partnership and will be delivered in two distinct funding streams. A £3.2m Capital Investment Fund and a £1.8m Small Business Programme, which has been supported by a £1m investment from the European Regional Development Fund.

The Small Business Programme provides either revenue or capital funding between £10,000 and £75,000 to SMEs and the Capital Investment Fund will support SMEs with projects requiring higher levels of investment up to £500,000 per project.

The funds will available up to April 2019 to support new and existing businesses to deliver new projects, products, services or develop new markets. It can also be used to create and/or safeguard jobs in the Solent LEP area.

The fund will require match funding by business. The fund will contribute 20% for high growth businesses, 40% for start-ups with high growth potential and 40% for businesses facing challenging marketing conditions.

Further details of this fund including fund guidance notes, application forms and deadlines can be found on the Solent LEP website.

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