A £3m Nottinghamshire County Council fund to boost economic growth and job creation is to re-open for new bids from businesses and other organisations from 7 January.

So far, around £1.5m of the Nottinghamshire Economic Development Capital Fund (NEDCF) has been provisionally allocated. Thirteen businesses are at various stages of assessment, five of which have now been approved for grants between £44,000 and £240,000 for a variety of projects, including new machinery or equipment and building expansions.

The five approved awards will see the creation of over 50 new jobs and sustain over 230 existing jobs in Nottinghamshire companies seeking finance to expand and grow.

Of the £1.5m provisionally allocated, the five approved awards total some £780,000 of investment from the Fund, with the companies themselves and their banks bringing the total investment in Nottinghamshire companies to some £8.4m

If all 13 applications from the first round of NEDCF are approved, a total of:

•189 jobs will be created
•371 jobs will be safeguarded
•Just under £12.5m of further, external investment will be secured
The Fund was originally launched in April 2014 and it will now re-open for an indefinite period, until all the funding is allocated.

To date, bids have been fairly well spread across Nottinghamshire, but every encouragement is offered to businesses from all over the county to consider making an application, as the Council has already experienced some significant interest in the Fund, prior to it re-opening.

Full details of the Fund, including revised guidance and updated stage one application forms will be available from the County Council’s website at www.nottinghamshire.gov.uk/capitalfund from 7 January.

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 over £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. Potential applicants are advised to review the Guidance carefully.

Councillor Diana Meale, Chair of Economic Development Committee at Nottinghamshire County Council – which created and oversees the fund – said: “Creating jobs and growth in Nottinghamshire is a priority for the County Council, so I am delighted that NEDCF has made such an encouraging start. With half the Fund still to be allocated, I am keen to offer every encouragement to expanding businesses across Nottinghamshre to seize this opportunity and apply.

“I’m particularly pleased that in addition to the 189 jobs created, the majority of companies are also keen to recruit to apprenticeships, which will provide opportunities for young people at a time when youth unemployment is disproportionately higher than the overall jobless figure

“The response to the scheme has been very encouraging, confirming our view that many local businesses are desperate to grow and I’m delighted that the Fund provides that vital last piece in the investment jigsaw.

“We are backing local enterprise and I hope businesses and other organisations continue to embrace the opportunity for them and the Nottinghamshire economy to grow and prosper together.”