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Cash injection for SME business growth projects

June 7, 2022

Solent and Portsmouth based businesses can get a share of £700,000 grant funding from GetSet Solent to support business growth projects.  Eligible projects with costs between £4,000 up to £100,000 can access 25% grant funding.

The GetSet Solent Growth Grant is for businesses planning a step change in its operations, production, or engagement with customers. The money can be used to fund capital costs such as new machinery, equipment and other assets not funded through asset finance. The grant can also be applied to revenue investment, which includes activities like marketing consultancy, branding and website development, new performance improvement systems such as Client Relationship Management system and developing an app. All helping to increase your business turnover and create new job opportunities.

This funding is available for applications until 31 July 2022

The grant awarded is up to 25% of your total eligible project cost. So, the maximum grant awarded under the scheme is £25,000 for a total project cost of £100,000. The minimum amount of growth grant is £1,000 with a total eligible project cost of £4,000.

Nicola Wiley, Senior Finance Advisor for GetSet Solent said

“This is an incredible opportunity for businesses in the Solent Local Enterprise Partnership area.  Getting a growth project off the ground can make a huge impact on the success of any business. The GetSet Solent team have finance advisors on hand to support you through the grant application process as well as experienced business growth and sales and marketing specialists to help ensure you make the most of the investment received.”

Redwood Innovations, based in Waterlooville, successfully applied for the GetSet Solent Growth Grant when Co-owner Richard Albon needed funds to help upgrade their current warehouse to hold more stock and improve efficiency within the company. They also wanted to purchase equipment, including a new forklift truck, and employ an extra salesperson.

“The GetSet Solent team were very supportive,” said Richard.

“Grant applications require a lot of preparation, and it can be daunting but with the help of the GetSet Solent Finance Advisor we were able to complete the application with ease. They held our hand throughout the whole process from start to finish and our application for grant funding was successful. “

“Our sales and marketing strategy has always been at the forefront of our business activities and now with the opportunities that social media brings, along with the grant funding from GetSet Solent, we are set up to succeed.”

Interested eligible businesses must enrol on the GetSet Solent Programme to access the growth grant and get fully funded business, marketing, and finance support. Grants will end when all the funds have been allocated on a first come – first served basis.

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