LEP targets funds at smaller firms

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Local Enterprise Partnership chiefs are looking for small firms with ambitious growth plans that need finance below levels normally available from the Government or lending institutions.

The Sheffield City Region LEP has earmarked £2.5 million from a £32 million Regional Growth Fund allocation for grants of between £25,000 and £100,000 to firms with job creating investment plans.

A further £7.5 million has been put aside for companies needing grants of more than £100,000, in addition to £20 million already earmarked for 50 projects which are forecast to create more than 1,500 new jobs by March 2016.

LEP board member and Sheffield businessman David Grey, said: “The LEP is calling on ambitious businesses in the City Region to start pulling together their business ideas, talk to their local authority economic development officers and visit our website find out more about the application process.

“I’m looking forward to seeing plans for some exciting new projects.”

Businesses have until October 31 to apply.