The Solent Growth Fund, supported by the European Regional Development Fund (ERDF), is a competitive funding programme tailored to support the Solent SME base to grow quickly (high-growth) through delivering new processes / products / services, and / or developing new markets. In addition, the Fund is also available to support businesses experiencing challenging trading conditions. The Fund forms part of the Solent Local Enterprise Partnership's (LEP's) approach to providing the resources and economic environment, which make it easier for businesses and individuals to be productive.
A total amount of £5m funding is available up to April 2019 to support new and existing businesses to deliver new processes / products / services, develop new markets, or directly create and / or safeguard jobs in the Solent. Businesses from one of the target sectors this guidance identifies must be able to demonstrate that they will grow quickly through delivery of new processes / products / services, and / or developing new markets, or diversify products and / or markets in response to challenging trading conditions.
Between £10,000 and £500,000 funding is being made available on a grant, loan, forward-funding or equity share bases, at intervention rates ranging from:
- 20% for established businesses seeking to grow quickly (high-growth);
- 40% for start-up businesses with high-growth potential; and
- 40% for businesses experiencing challenging trading conditions.
Applicants seeking between £10,000 - £75,000 should refer to the Solent Growth Fund: Small Business Programme - Beginners Guide in the first instance.
Applicants seeking between £80,000 - £100,000 should refer to the Solent Growth Fund: Capital Investment Fund - Beginners Guide in the first instance.
These documents, alongside a technical guidance document with full information, the application form and deadline dates are published below.
For larger businesses and businesses seeking funding over £500,000, please contact the Solent LEP at email@example.com.
For application details please click here
Applicants seeking over £75,000 should refer to the Solent Growth Fund: Capital Investment Fund.
Any larger businesses and businesses seeking funding over £500,000 should contact the Solent LEP at firstname.lastname@example.org