Isle of Wight Expansion Fund from the Solent LEP
Grants of between £100,000-£500,000 are available to support businesses based on or moving to the Isle of Wight for projects that create or safeguard jobs.
Funding is available for private sector enterprises to start up new activities, expand or diversify. A total of £2.46 million is available to businesses either based on, or moving to, the Isle of Wight. Businesses in any sector can apply for funding, however the LEP is particularly keen to encourage applications from businesses operating in marine, maritime, advanced manufacturing, composites engineering, low carbon and the visitor economy.
Bids can be in the range of £100,000 - £500,000, and for state aid purposes, the amount requested from the Fund must constitute no more than 20% of the total project value. The aim of the fund is to unlock private sector investment thereby creating or safeguarding sustainable private sector employment. Funding is allocated on a competitive basis and those projects which leverage the most private sector investment and create and/or safeguard the most jobs will be successful.
Following huge interest, the first beneficiary of the fund has been confirmed as long established Isle of Wight business, Cheetah Marine.
The Island Marine Manufacturers have been awarded £160,000 from the fund to establish a new LEAN manufacturing production line; allowing the company to develop and optimise export markets around the world from the Island through innovative new technology. The Expansion Fund award has resulted in an additional £640,000 private sector investment in the project and will lead to the safeguarding of 27 existing and creation of 18 new jobs.
For more information please visit:
http://solentlep.org.uk/growing_places/isle_of_wight_expansion_fund
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