Solent LEP offers cash to help businesses expandÂ

Small firms and entrepreneurs looking to start up a business have been invited to use a new service from Solent LEP, which will support businesses seeking to grow through developing new processes, products, services or markets.

Any business that meets the criteria will receive support from the LEP's Solent Growth Hub team and the opportunity to access a new Small Business Expansion Fund, which can provide between £10,000 and £100,000 to help businesses kick-start their growth plans and create jobs in the Solent.

One firm which has seen success after LEP help is Turbulent Designs in Havant, which numbers Lockheed Martin, Dovetail Games and QinetiQ among its clients.

Turbulent Design's chief executive Trevor Linn said: '˜The Solent LEP's growth hub team helped set us on the right course, including advising us on accessing funding.

'˜Since receiving a grant from the LEP, which helped us expand and take on two new staff at the time, the company has gone from strength to strength and our turnover has trebled. I would thoroughly recommend that any SME in the Solent area with growth aspirations get in touch with the Solent LEP to see how they can help with their journey.'

In addition to small business funding, SMEs with less than 250 employees and a turnover of £250,000 to £25m that have the potential to scale up will be able to access the LEPs new Small Businesses Acceleration Programme.

The programme will offer up to 12 hours of free business advice, delivered by the LEP's experienced team of Business Growth Coaches, culminating in a bespoke growth plan for the business.

Businesses with the potential to realise their scale-up ambitions may also be able to access up to £500,000 from the LEP to deliver their growth plan. Solent LEP small business ambassador Brian Johnson, said: '˜To date, we have provided more than £10m in grant funding to over 260 SMEs, helping to create or safeguard more than 1,500 jobs and securing additional investment of over £36.5m directly into our local businesses.

'˜Through our new support service, we hope to build on this unprecedented success, support even more small businesses and target investment towards those companies that can supercharge economic growth and drive forward investment in the Solent.

Businesses can find out how the Solent LEP can help achieve growth potential by completing an Enquiry Form available at https://solentlep.org.uk/business-support-and-funding/support-for-small-medium-business/