Businesses and other organisations can now bid for a share of a new annual £1m jobs and growth fund, provided by Nottinghamshire County Council.

The Nottinghamshire Economic Development Capital Fund will give £1m for each of the next three years towards initiatives to support job creation in the county. In that time it aims to:

•support 40 businesses and organisations
•create 200 new jobs
•safeguard 150 existing jobs
•attract an additional £6m in match funding
•improve 20 hectares of business land

The types of projects the fund could support include land or property development, purchasing equipment and machinery or other capital investments needed for expansion.

Funding applications will be considered from public sector led schemes, but only where it can be proved that they will support private sector growth.

Grants of more than £20,000 are available to invest in capital projects, provided they can provide evidence to show they will create or secure sustainable jobs.

The maximum grant available depends on how much is allowed under State Aid rules about how much public money can be used to support a particular business, but it wouldn’t usually be more than £170,000 per company or project.

Coun Diana Meale, chairman of the Economic Development Committee, said: “Creating economic growth and prosperity is a priority for Nottinghamshire County Council.

“Whilst London and the south-east is showing signs of growth again following the economic downturn, the recovery in most of the country has been slower to take hold. We hope the new Economic Development Capital Fund can play a significant role in providing the stimulation needed for Nottinghamshire’s economy to prosper.

“There is a strong feeling that local businesses continue to be held back by the continuing lack of access to funding from the banks. We are putting our faith in local enterprise, which we anticipate will generate at least double our investment in match funding alone.”

To apply for funding, businesses and organisations will need to make an initial expression of interest by 23 May 2014. Further information and application forms are at www.nottinghamshire.gov.uk/capitalfund

Any questions about the fund and the qualifying criteria should be sent by email to [email protected] Relevant questions and responses will be published on line to benefit other potential applicants.