Wednesday, February 28, 2024

Funding boosts for Hinckley & Bosworth borough businesses

Hinckley & Bosworth Borough Council is urging businesses and organisations to apply for two new grants.

The Rural Prosperity Grant offers a pot of £400,000 in support for rural businesses and organisations, while the Business Prosperity Grant is worth £150,000 and is open to all eligible businesses across the borough.

The Rural Prosperity Grant is designed to help rural applicants boost productivity and improve community buildings, as well as to improve accessibility to tourist attractions and green open spaces that support local communities and businesses.

The scheme was originally launched by the Borough Council last year and will run until March 2025. The initiative has been made possible thanks to £400,000 of funds from the Rural England Prosperity Fund.

Those eligible for the grant include businesses and local organisations that wish to invest in new technologies and equipment that increase productivity; protect and improve local historic buildings and tourism venues, energy efficiency improvements and cultural offerings; provide diversification outside of agriculture and develop local tourism attractions.

There are a range of grants available, with funds from £7,500 to £22,500. The grants also have an intervention rate of 75%, meaning businesses and organisations need only find a minimum 25% of the total eligible project costs to apply. The Rural Prosperity Grant is only open to rural areas and excludes Hinckley and Burbage.

The first round of funding saw just over £100,000 of grant funding allocated to a range of projects investing in their business productivity, energy efficiency installations, improving accessibility to visitor attractions and green spaces.

The council has £300,000 of capital funding to invest and Round 2 will close on Tuesday 2 April 2024 at midday with all successful applicants being notified in May 2024. All projects must be able to spend their funding by 28 February 2025.

Executive Member for Rural Affairs at the Borough Council, Councillor Martin Cartwright said: “We are pleased to be able to offer these grants to support our rural communities and businesses, helping them to thrive especially given the challenging and difficult circumstances over the recent years. Our thanks to the Rural England Prosperity Fund for helping to make this possible. Good luck with your applications.”

Meanwhile, there are a range of grants on offer for the Business Prosperity Fund grants, with funds from £7,500 to £22,500. The grants also have an intervention rate of 75%, meaning businesses and organisations need only find a minimum 25% of the total eligible project costs to apply.

Businesses are being invited to apply for capital-only funding which supports micro and small enterprises looking to deliver innovative projects. The Business Prosperity Fund scheme is open to all eligible businesses throughout Hinckley and Bosworth including the urban areas of Hinckley and Burbage.

The fund welcomes applications from those who wish to invest in new technologies and equipment, while delivering innovative projects that can increase productivity or create local jobs. Tourism attractions and facilities that support the local economy can also apply, while businesses can also apply for funding to invest in green technology that will improve their carbon footprint.

This project has received £150,000 from the UK Government through the UK Shared Prosperity Fund.

The scheme is now open to applications and closes on Tuesday 2 April 2024 at midday. All projects must be able to complete their projects by 28 February 2025.

Council Leader, Councillor Stuart Bray said: “We are excited to be able to offer these grants to so many businesses across the borough. They offer exciting opportunities for micro and small enterprises who are looking to innovate, as well as businesses who help local tourism to thrive.

“There’s also an opportunity for companies who would like to reduce their carbon footprint, so please don’t hesitate to apply if you think you’d be eligible, or if you think you could benefit.”

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