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Solent Prosperity Fund - Existing Businesses

Grant and loan funding is available to provide financial assistance to Micro, Small and Medium sized businesses of any sector operating in the Solent LEP region

How does it work?

The fund can provide up to 30% of the total project costs for capital expenditure only. The funding for existing businesses is available through 3 different routes: 

Route 1:  SME Expansion Fund 

For applications of a value between £5,000 - £100,000. Funding is available to help businesses grow quickly through delivering new processes / products / services, and / or developing new markets. Applicants will need to demonstrate that the project will deliver at least one of the following:

  • Improved Business Productivity

  • Developing new products

  • Developing new markets

  • Direct creation or safeguarding of Private Sector Jobs

Route 2: SME Support fund  

Capital funding is available between £5,000 and £100,000 to support existing businesses seeking to adapt to changing trends and challenging conditions, which could include:

  • Changing trading conditions arising from BREXIT;

  • Consolidation of existing operations in response to changing trends;

  • Revision of processes or broadening of market reach to retain activity levels;

  • Diversification or adaptation of existing processes and activities;

  • Challenges for the retail sector and the changing face of the high street;

  • Supporting independent businesses to diversify their offer;

  • Relocation of businesses.

Route 3: Growth Accelerator Programme 

Businesses on this programme may have the opportunity to access higher levels of capital funding than offered in the SME Expansion Fund, where eligible, of up to £500,000.  All businesses participating in the programme will receive 12 hours of FREE 1:1 support with an expert Growth coach delivered in partnership with BDO LLP. The Growth Accelerator programme will consist of a strategic discussion with you around risk & mitigation, financial forecasts and the strength of your business plan.  

Businesses that have participated in the Growth Accelerator programme will come away with a growth action plan that signposts to the wider support available which may lead to a full LEP funding application.  

 

All Solent LEP funding enquiries must complete the enquiry form below and will be contacted by the Solent LEP Growth Hub team to discuss your proposal. If your project is considered eligible you will be provided with an application form and full details of how to submit. 

Before submitting any LEP funding application we recommend speaking to the Solent LEP Growth Hub team pre submission as we are on hand to answer any questions you may have and are available to sense check your application before you submit your proposal. 

 

Enquiry form

* these fields must be completed to submit your enquiry

1. Contact details

2. What's your Start Up/idea growth ambition?

3. How can we help?

 

To keep up to date with funding, events and opportunities click here or follow us on twitter or LinkedIN. You can also contact us by email to enquiries@solentlep.org.uk or call 02392 688055.