Solent LEP Launches Bridging the Gap Funding for SMEs
The Solent LEP, in partnership with The News, Portsmouth University, Portsmouth City Council and the FSB, has launched 'Bridging the Gap', a new fund for SMEs and Start-Up businesses in the Portsmouth, Gosport and Havant areas.
Bridging the Gap will award grant funding to those entrepreneurs and SMEs with the best new business and growth proposals. Bids will be judged in competition with one another and so only the best proposals will be supported.
The funding available is significant; with £950,000 available for the best SME Growth proposals and £950,000 for the best new business ideas. The LEP hopes to support at least 50 new businesses to start trading and 50 SMEs to grow, and is inviting bids for grants of between £5,000 and £50,000 in order to achieve this target. There is no pre-determined use of the funding, and innovative ideas are encouraged.
Commenting at the launch of the scheme, Anne-Marie Mountifield, Executive Lead for the Solent LEP said:
"Enterprise is a key driver of productivity and economic growth. Currently, business start-up rates in the Solent fall well below regional and national benchmarks. The Solent LEP recognises that SME's hold the key to a successful, private sector led, economic recovery in the Solent area and I am delighted to be able to announce that the LEP are making available nearly £2 million to support local SME's in the Gosport, Havant and Portsmouth area and we hope to support some 100 businesses, creating a minimum of 125 new jobs and safeguarding at least 75 existing jobs."
The Bridging the Gap scheme is funded from the Regional Growth Fund and will lever in over £1 million additional private sector investment to the Solent economy, and create over 125 new jobs and safeguard at least 75 existing jobs.
For more information about the Bridging the Gap fund, please visit http://www.solentlep.org.uk/enterprise_zone
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