University of Lincoln to Help Incubatees ‘Fly the Nest’! 

The Grow-on Growth Fund is a new £2m RGF funded initiative led by The Research and Enterprise Department at University of Lincoln.  The scheme enables early stage businesses located in business incubation environments (e.g. business incubator, innovation centres, enterprise centres etc.)  to ‘fly the nest’ and create secure sustainable high quality jobs.  Acting as a funder of last resort, the Fund has two objectives:

• Facilitate and support early stage companies with growth plans in place to exit incubator’s premises and secure the next stage of their business development and growth;
• Harness the inherent capacity of business incubation environments;

The Fund is intended to support incubatees reach their next stage of expansion and growth by offering grants for the following purposes: capital investment in property, buildings and refurbishment costs; commercial rents; plant, machinery & equipment; IT and new technology; staff recruitment and training costs.

Based on a competitive process, the Fund works on an open call basis until all funding is allocated or closure of the fund (31 March 2017), whichever comes first and will be available to businesses located in business incubation environments from the following LEP areas:

• Black Country
• Cornwall and Isles of Scilly
• Greater Lincolnshire
• North Eastern
• Sheffield City and Region
• Stoke on Trent and Staffordshire
• Tees Valley

In line with the responsible use of public funds, applicants (i.e. incubatees) are expected to provide match funding covering as much of the project’s costs as they are reasonably able to, from their own resources and those of third parties such as banks or investors.  Match funding must be at least 60% of the total project expenditure.

For more details go to  www.growongrowth.co.uk

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