East Lindsey District Council will launch a Manufacturing Growth Incentive Scheme in the coming weeks, following its approval at a Full Council meeting.
The Scheme is aimed at manufacturing businesses looking to grow in the District and will offer a discretionary refund on a proportion of the Business Rates payable on the additional floor space being created. The Council has made £750,000 available for eligible businesses to apply for.
Applications to the scheme will be judged on various factors including the size of new premises, jobs created and overall economic impact.
Portfolio Holder for Market Towns and the Rural Economy, Councillor Adam Grist, said: “Our District is home to some fantastic manufacturing businesses and it’s great to be able to offer them this support, as they play a huge role in the economy of East Lincolnshire.
“We hope this new scheme will encourage growth in the manufacturing sector and create more employment. We’re committed to supporting our businesses and developing East Lincolnshire as a place that businesses want to establish themselves and grow.”
Manufacturing plays a key role in supporting the East Lindsey economy with over 400 manufacturing businesses located in the area and around 4,500 people working in the sector – roughly 10% of the total East Lindsey workforce.
Portfolio Holder for Coastal Economy, Councillor Steve Kirk, said: “Manufacturing is such a key sector, not just in East Lincolnshire but in the county as a whole. We hope that by supporting our local businesses, we can help the sector really prosper too.”
The Manufacturing Growth Incentive Scheme is expected to be launched in August with more information to follow.