Open for business – the £2.4 million fund to support economic growth

 

Small and medium businesses wanting financial assistance to expand and to create new jobs can now apply for funding from the £2.4 million Business Growth Grants Programme.

 

The programme is run by West Sussex County Council on behalf of Coast to Capital Local Enterprise Partnership (LEP) and can provide grants of £15,000 to £100,000  - up to 40% of a total project cost.

 

The programme is open to small and medium businesses within the Coast to Capital region: West Sussex, Brighton and Hove, Lewes, Croydon, Epsom and Ewell, Reigate and Banstead, Mole Valley and Tandridge.

 

Leader of West Sussex County Council Louise Goldsmith said: “We know that many businesses still have problems accessing funding to help them develop as a business and create more jobs, all of which is important for our local economy.

 

“Thanks to this funding from Coast to Capital we are able to offer grants to businesses to bridge that gap and encourage job creation and growth across the Coast to Capital region.”

 

Jonathan Sharrock, Chief Executive at Coast to Capital LEP, said: “This is a great opportunity for small and medium businesses in the region who are looking to grow their business and create jobs but are not finding it easy to source the finance required to get an extra cash boost.”

This marks the second year of the programme – in the last year £1 million was allocated across the region in 28 grants, creating 57 jobs to date with the expectation this figure will increase to 148.

 

One business to benefit was Shoreham-by-Sea based Higgidy, who received a grant of £93,973. The company is a manufacturer of premium savoury pastry products, supplying supermarkets and small independent shops with products. Rising prices in recent years meant it was difficult for Higgidy to grow as a business. The grant helped create 12 new jobs.

 

CEO James Footit said: “The grant we received has enabled us to do substantially more of our sauce making process – this improves our quality, our traceability, our margin and above all will create jobs. We wouldn’t have been able to make this investment without the support of the grant.”

 

Micro-brewery Firebird, based in Rudgwick, produces traditional beers for pubs, shops, off-licenses and the public. They received a grant of £11,300, enabling them to expand their production capacity and create two new jobs.

 

Director and Brewer Richard Peters said: “Our programme is now complete – our sales continue to grow and we have a stable and slightly enlarged workforce. We look forward with confidence. Without the grant we would have had to delay the project by at least a year and would not have been able to expand our team. It gave us a vital growth boost.”

 

The fund is open to small and medium businesses, start-ups, existing businesses and social enterprises. Applications must be for additional to existing business activity.