Grants available for ambitious businesses

Business Transformation Fund is open for applications

Business people

Our Business Transformation Fund is open for applications.

The fund offers local businesses the opportunity to access up to 50% match funding to support planned investment projects.

For the 2019/20 financial year, the fund will prioritise key industry sectors in the area, including: manufacturing, logistics, food and drink, health and social care, life sciences, creative industries, tourism, construction, social enterprise and energy.

There will be a new focus on supporting small to medium sized businesses employing less than 50 staff, although the fund will remain focused on supporting business-to-business development activity.

Projects that would be eligible for funding include:

  • capital expenditure (max. £6,000 grant available)
  • infrastructure improvements (max. £6,000 grant available)
  • consultancy support (max. £3,000 grant available)
  • exhibition support (max. £3,000 grant available)
  • training support (max. £2,000 grant available)

This grant fund will be competitive, with four application rounds throughout the financial year to allow businesses to bid for funding throughout the year. A panel will review and score applications on a quarterly basis to determine the best projects and ensure the grant impact is maximized.

Applications for the first round should be submitted by 14 June 2019. Applicants will informed of decisions by 28 June.

Yvonne Weir, Enterprise Manager commented: "We are pleased to have the Business Transformation Fund open for business once again and look forward to seeing new projects coming forward. We have made changes to how the fund will operate this year and are confident that this will help bring forward quality applications capable of delivering meaningful impact within our local economy.

"Businesses must be able to demonstrate how planned investment and grant support will contribute to turnover and employment growth. We are also keen to see contribution to key themes which can include innovation, new markets, export and internationalisation, digital technologies and green technologies / low carbon products, processes or services."

Clyde Cable Supplies Ltd based in Cumbernauld was one of a number of businesses to benefit from last year's grant fund. Craig Tweedie, Managing Director said:  "The grant received from North Lanarkshire's Business Transformation Fund has allowed us to create custom built office premises within our 16,000 sq ft warehouse, giving us a fabulous environment to engage with customers. 

"The support also allowed us to install a modern Windows based server to host our IT network and CRM system, vital for day to day quotes, orders and stock control as well as a true end to end accounting package. This has allowed us to reach out to more customers and employ another full time member of staff with one more due to be taken on board full time, shortly.
"At a time when cash flow is tight and decisions based on growth and return of investment have to be juggled, the Enterprise Team quickly identified our needs and provided the support required. This was done with the minimum of paperwork, enthusiasm for our project and with great efficiency."

In 2017 to 2019, the Business Transformation Fund made 96 grants awards. A total of £459,448.53 in grant value was committed, with businesses projecting the creation of 236 new jobs as a result.

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