New £8m business fund launched to help companies grow

The East Midlands Combined County Authority is encouraging firms to access grants to invest in new equipment, technology and energy-saving measures through a new £8.1 million business fund.

Mayor of the East Midlands, Claire Ward has committed the funding to help businesses across Derby, Derbyshire, Nottingham and Nottinghamshire invest, grow and become more productive over the next four years.

Over the lifetime of the programme, the Business Investment Fund is expected to support about 500 businesses and unlock £19 million in additional investment from businesses.

Mayor Claire said: “Businesses across the East Midlands are navigating an increasingly challenging and uncertain economic climate.

“While many have ambitious plans to grow, improve productivity and become more competitive, the risks and costs associated with investing can often hold them back.

“This fund is designed to help make that investment less risky, giving businesses the confidence to invest in the new equipment, technology and energy-saving measures that will strengthen their productivity, resilience and long-term competitiveness.

“By supporting businesses now, we can help create and safeguard jobs, unlock further private sector investment and build a stronger, more resilient economy for the East Midlands.”

The programme will have two funding strands and will be aimed at small and medium-sized enterprises. 

The Business Growth and Productivity Grant will support businesses to invest in machinery, equipment, technology, innovation and expansion projects.

The Business Energy Saving Grant will help businesses invest in energy efficiency measures and lower-carbon technologies, helping them reduce energy use and cut costs.

Businesses receiving grants will also be connected to wider advice and support services, helping them get the most from their investment and plan for longer-term growth.

To find out more about the Business Investment Fund, click here.