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Thursday, 07 July 2022 13:06

Somerset Growth Accelerator Fund Grant Scheme

Somerset County Council are offering grants to Somerset SME businesses through the Somerset Growth Accelerator Fund Grant Scheme. These grants are to support the growth of eligible organisations to help drive economic recovery post Covid and supporting Somerset’s ambition to become net zero by 2030.  

Grants of between £25,000 and £50,000 will be available where the applicant is expected to match 25% of the project costs. A few grants within the region of £100,000 will be available for exceptional cases where the applicant can demonstrate the activity will be transformative and act as a catalyst for growth, with the applicant expected to match fund 50% of the project. 

The scheme has the following key themes:

  1. Business Growth – Generate rapid business growth and additional high value employment opportunities within growth sectors that will contribute to the priorities and outcomes of Somerset’s Growth and Recovery Plan
  2. Business Resilience – Increase long-term sustainability and business resilience against the impacts of COVID and climate change through development of new products or innovation, entering/adapting to new markets or working practises and diversification and increased efficiencies.
  3. Capacity Building – investment in training, development and upskilling including apprenticeships, graduate jobs and T level qualifications within activity and future business planning.
  4. Wider Economic Benefit – Providing a wider benefit to Somerset’s economy and other businesses including using local supply chains and purchasing plans, local recruitment and peer mentoring
  5. Low Carbon Economy – Decarbonisation of business practice, process and supply chains, introduction of new technologies, work practices and cultural change supporting Somerset’s response to the climate emergency and a commitment to Somerset’s 2030 Net Zero targets

Somerset County Council have prepared a set of guidelines, which explains what they are looking for and explains the application process in more detail.

To be eligible, applicants must:

  • Be a small or medium sized business or social enterprise based in Somerset
  • Be an established, financially viable business with 2 to 3 years of financial accounts available on request
  • Be able to evidence potential for rapid business growth, benefit to the wider Somerset economy and a commitment to low carbon business practices

Applicants will need to express interest through an online form which opened on Tuesday 15 March and is open until Monday 11 April. After this date, applications will be assessed and successful applicants will be invited to submit a full application within 6 weeks. 

For more information and to apply please go to https://www.somerset.gov.uk/business-and-economy/somerset-growth-accelerator-fund-grant-scheme/

Last modified on Tuesday, 04 October 2022 11:59




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