More than 110 local businesses are set to be helped by business grants - creating around 80 new jobs – after the Department for Communities and Local Government pledged to boost Herefordshire’s Business Enterprise Fund by a further £260,000.
This brings the total amount available to help local businesses to £700,000, allowing the scheme to continue until December 2014.
The cash, which should benefit around 114 local businesses, has to be match funded by the applicant and is to be used for machinery, equipment, building work and other capital purchases required to help enter new markets, improve performance or diversify. It will also be used to provide business start-up grants benefitting around 40 individuals starting up their own businesses.
The Business Enterprise Fund was launched in October 2011, covering Herefordshire and Shropshire. So far the fund has granted over £560,000 to help 120 businesses on various projects and create 66 new jobs. 14 new start-up businesses have also been helped by the business grants to date.
Councillor Roger Phillips, Herefordshire Council Cabinet member for enterprise & culture, said: “This extended funding is really good news. We’ve already seen plenty of businesses throughout the region benefit from it and to have more funds to assist even more businesses is really promising.”
The EU funded programme has grants available of up to £1,500 for individuals to start-up a business and £5,000 for existing business to improve performance, enter new markets or to help diversification. The capital investment has to be match funded at least 50% by the business.
The next deadline for applications is Friday 4th October 2013 at 4:30pm, the following deadline is Friday 1st November 2013 at 4:30pm.
For more information and how to apply you can visit the website at www.herefordshire.gov.uk/sbef or call 01432 383633.