East Cambridgeshire District Council is encouraging growing and innovative businesses within the region to apply for a capital grant of up to £50,000, available through the Rural England Prosperity Fund.
Supporting expanding businesses
The initiative, in collaboration with the Cambridge & Peterborough Combined Authority, aims to support the expansion of local small and medium-sized enterprises (SMEs) and micro businesses by funding initiatives that will create or safeguard jobs, bring new products to market, and drive technological advancements.
The total funding pool amounts to £550,000, with individual grants ranging from £10,000 to £50,000. These grants are designed to support businesses in investing in new technologies, improving productivity, or responding to evolving market demands. Applicants must demonstrate a strong business plan that outlines how they intend to use the funding to drive growth, create job opportunities (including apprenticeships), and positively impact the local economy, such as by benefiting the wider supply chain.
Application deadlines
Interested businesses can submit an Expression of Interest form until January 3, 2025. If shortlisted, they will be invited to submit a Full Application by February 14, 2025. Successful applicants will be notified by the end of February 2025. The funding will cover up to 50% of a project’s total cost, helping to reduce financial barriers for businesses looking to invest in their future.
Cllr Alan Sharp, Chair of the Council’s Finance and Assets Committee, expressed enthusiasm about the funding initiative, stating, “We are delighted to once again be in a position of encouraging local businesses to invest in East Cambridgeshire. We are particularly keen to hear from enterprises that want to grow or expand, helping to create new jobs and invest in technology and processes for the future.”
Previous success
The previous round of funding, which allocated over £310,000, supported the growth of 20 businesses, including Silver Oak Coffee, The Beauty Loft Ely, and Julia’s Tea Rooms. These projects collectively contributed £1.5 million in value, highlighting the significant impact the grants have had on the local economy.
To apply, businesses must meet specific eligibility criteria and submit the required forms. More information, including the full application details, is available on the East Cambridgeshire District Council’s Capital Growth Fund webpage. Businesses with questions can direct inquiries to the council’s business support team at business@eastcambs.gov.uk
