If you operate a business in Northampton, now may be the perfect time to research local grant funding opportunities. There are two funding initiatives that have recently made the news, and collectively they cover what a growing business may need.
Driving Innovation Has Paid Out More Than £1 Million Already
Driving Innovation has accomplished its goal. Information that was shared during the Driving Innovation presentation at the Northampton Museum and Art Gallery, indicated that the program provided 23 local businesses with grants that totaled £338,000. This funding also attracted more than £740,000 in private investments, exceeding the £1 million mark. The grant program was not widely publicized, and considering the great return, it is no surprise that many are not familiar with the program.
The funding was provided for businesses to start incorporating new technologies and expand and grow their business and workforce. The program was delivered by the South Midlands Growth Hub and was funded by the West Northamptonshire Council and the UK Shared Prosperity Fund.
There was more than just cash. Along with the grants, there was a High Growth Accelerator for founders about to raise investment – twelve businesses participated in workshops on funding, valuation, and investment readiness. Additionally, forty businesses participated in workshops on financial performance, marketing, sustainability, and business strategy. Most participants would recommend the program. There was also a targeted program for women-led businesses that provided workshops and peer support to eight businesses.
A New Grant Pot Just Opened, Worth Up to £25,000
If the above sparked your interest, the South Midlands Growth Hub has opened a new round for their SME Business Grant Program. It was launched at Vulcan Works in Northampton during the University of Northampton’s Fuelling Innovation Fortnight, so it’s pretty local.
Grants Between £5,000 and £25,000 are available to businesses, charities, and not for profits located in Northamptonshire, Milton Keynes, and Bedfordshire. You can used the grant for a pretty wide range of business needs from buying new machinery to funding software development and improvements to your commercial premises and your business’s intellectual property and even developing a website. The one thing you should keep in mind is that all of the grants are matched, so you will have to fund some of it as well.
The program focuses on innovation, sustainability and decarbonisation, and growth and job creation. If your business falls under those headings, you should look into this grant pot.
Why This Matters If You Run A Business Here
People might not know what a good source of business funding Northampton can be, and there are two initiatives here that give great opportunities to those willing to search. Grant programmes like this one tend to close quickly after interest spreads. For either of these opportunities, you should fill out your application sooner rather than later.
Know any Northampton businesses that you think have successfully used this funding? We really want to hear about them, so don’t be shy.