The Business Growth Fund is a competitive, discretionary grant aimed at supporting new and existing SMEs (with fewer than 250 employees) towards achieving long-term sustainability and growth. The fund prioritises projects that boost turnover, create jobs, enhance productivity, promote environmental sustainability, and advance digital capabilities.
Funding available
Eligible projects are 50% grant-funded and businesses can apply for up to £20,000 in grant funding per grant application. A maximum of two grant applications can be submitted to the Fund within a 24-month timeframe.
Businesses can receive a maximum of £40,000 in total funding over a 24-month period. Any funding received from the Business Growth Fund within the last 24 months will count towards this limit. This period starts from the date of the last Business Growth Fund grant award letter being issued.
Eligible projects
The types of project that can be supported through the fund include:
- Capital Expenditure - up to £20,000
- Infrastructure Improvement - up to £20,000
- Workforce / Skills Development - up to £5,000
- Exhibition Support - up to £4,000
Please review the Business Growth Fund Guidelines for examples of eligible expenditure under each of the category headings.
Eligible industry sectors
The Fund is available to businesses operating in key sector industries within North Lanarkshire. These include: Construction, Manufacturing, Life Sciences, Transport & Logistics, Tourism, Food & Drink (Manufacturing/Processing), Creative Industries, Digital, Renewable Energy, Health & Social Care and Social Enterprises.
How is funding paid?
The Business Growth Fund is paid retrospectively. This means, that following a successful award, the applicant will need to fund the project upfront and then submit claim for the grant money awarded.
Grant funding is only available for up to 50% of net costs. This means applicants must secure the remaining 50% (or more) through private sector funding, plus VAT and delivery costs.
How to apply
To apply for the Business Growth Fund you must be actively working with a Business Gateway Lanarkshire Business Adviser.
For information on how to apply and to discuss your enquiry in more detail, please contact Business Gateway Lanarkshire on 01698 442837 or email lanarkshire@bgateway.com
Eligibility
Please refer to the Business Growth Fund Guidance document below to see if you are eligible for funding.
Business Growth Fund - Guidance Notes
Accessibility
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The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda. The fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. Grants awarded under the Business Growth Fund are considered to be a subsidy under the Subsidy Control Act (2022), and if successful will be awarded under the North Lanarkshire Business Growth Grants Subsidy Scheme (SC11283).
