Through the European Regional Development Fund, the council is able to support eligible businesses looking to invest in growing and developing.
The grant is primarily aimed at engineering, manufacturing, business-to-business services and online businesses. Unfortunately, organisations in the farming, retail or transport sectors or those only serving a local customer base are not eligible.
Businesses must be an SME and have less than 250 employees worldwide, including any connected businesses.
The grant is for £1,000 and, depending where the business is situated, would cover 50 per cent or 60 per cent of the pre-VAT cost of the item.
The grant is available for expenditure which improves how the business does things or improves competitiveness.
Things which can potentially be covered financially are:
- tools and equipment
- consultancy support
- website development.
It does not cover any day-to-day expenses within the business such as rent, wages, stock, consumables or anything already bought.
Darren Roberts, enterprise coach at the council, said: “In order to apply for the grant, you will need to complete a simple business plan which tells us about your business and what you need to buy that the grant can help support and how that will make a difference to your business. We will also need three independent quotes for the items you are looking to buy.
“Once we receive the business plan, we will assess your application and if you are successful we will issue you with a grant offer at which time you are free to buy the item(s).
“When you have completed the purchase you can submit a grant claim along with evidence of the purchase and we will reimburse you for the amount of the grant.”
For further information about the enterprise grants, visit www.eastriding.gov.uk/business/starting-growing-and-locating-your-business/enterprise-grants/