NEDCF: Businesses urged to cash in on County Council growth funding

January 26, 2017 5:58 pm

NCC

Businesses needing finance to help them expand are invited to bid into a £6m Nottinghamshire County Council growth fund (NEDCF).  First launched in April 2014, the fund has so far:

  • Provided £3.5m in funding to over 30 businesses
  • Created 375 new jobs – and safeguarded a further 400
  • Levered in an additional £20.5m in other public or private funding

New bidding round

The Nottinghamshire Economic Development Capital Fund (NEDCF) reopens from Monday 30 January with £2.5m still left to allocate.  This round will remain open until Monday 6 March 2017.

The NEDCF is targeted to support economic growth and job creation and is open to Small and Medium Enterprises (SMEs).

Types of project

The NEDCF can support a variety of growth and expansion projects, including:

  • Land or property developments
  • Purchasing new equipment and machinery

Grant amount

Grants from £20,000 to £250,000 are available  However, the maximum grant available depends on how much is allowed under State Aid rules.  State Aid regulates how much public money can be used to support any particular business.

Job creation

To be eligible, all capital projects must demonstrate how they will create or secure sustainable jobs.  Furthermore there is a target for 85% of all the new jobs created to be paid at, or more than, the Living Wage Foundation hourly rate of £8.45.

Find out more

Full details about the fund, criteria and application forms are now available from the County Council’s website.

Businesses in Ashfield and Mansfield who have already benefited from NEDCF funding include:

BRC, Sutton-in-Ashfield

BRC Ltd is a leading manufacturer of engineered steel products mainly servicing the construction and mining industries.  Benefiting from a £48,000 grant for the purchase and installation of a Rebar Double Bending machine.  This investment helped increase production by 22%, creating 6 jobs and one apprenticeship opportunity.

Deanestor, Mansfield

Deanestor specialises in manufacturing furniture, specifically for the health, education and leisure sectors. The company was granted £170,000 from the NEDCF towards costs of extending its current factory and new equipment to increase production capacity by 40%. The expansion will generate 6,000 sq.ft of new productions space, creating 20 new jobs and safeguarding a further 15.

Leisure Vehicle Acquisitions (LVA), Mansfield

LVA operates a number of on-line auction sites for the motorhome and caravan sectors. A £30,000 NEDCF grant is supporting the development of “Autofox Auctions”, a bespoke website which facilitates on-line trade auctions of cars and vans. This will be a new service for the sector, enabling LVA to be the first to market.

 

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