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Funding available to help companies Get Growing

BY: HERTS GROWTH HUB

TAGS: Advisors, Access to Finance, General Business Information, Grant

Small and medium-sized businesses across Hertfordshire can access grants of up to £3,000 or one-to-one advice, as part of a package of tailored business support from the Hertfordshire Growth Hub.

The second round of the Growth Hub’s Get Growing project, funded by the European Regional Development Fund (ERDF), provides continued funding to support SME growth after the first round successfully helped over 200 businesses, created 190 jobs and generated £12.2m for the local economy.

Building on the success of the previous round of funding, the project is placing a specific focus on working with businesses that demonstrate the ability to grow, scale and improve productivity. Eligible companies can receive a grant of up to £3,000 to access external expertise, with the Growth Hub’s Account Managers monitoring progress and providing ongoing support. Companies are also invited to exclusive events and seminars on key business-improvement topics and will have access to the Growth Hub’s new online platform.

An impressive track record
The Growth Hub is delivered, on behalf of Hertfordshire Local Enterprise Partnership (LEP), by a consortium led by business support services provider Exemplas with the University of Hertfordshire and Hertfordshire Chamber of Commerce. Hertfordshire LEP receives funding directly from the Department for Business, Energy and Industrial Strategy (BEIS), augmented by European Regional Development Fund (ERDF) and other funding as bidding opportunities arise to deliver the service. The Get Growing project itself has an impressive track record. Almost three quarters (71%) of the companies who have taken part so far say they’ve improved their approach to growth, while nearly half (45%) say they’ve seen an increase in productivity and over a third (34%) say they’ve seen a profit increase. In that same timeframe, 36% have created new jobs.

Fast profits for fast-food business
One of those who has benefited is Andrea Allen, who runs Hertford-based fast-food restaurant, Galos. Get Growing connected her to a branding expert, finance specialist and restaurant investor, who all helped her make significant changes to her business, which helped increase its profits.
“Get Growing made me look at the numbers, the mechanics of the business and how you market yourself,” she explains. “It’s given me a sense of focus and direction and I’ve found the process positive and motivational. You have to have a big skill set as a business person and I now have more confidence to do what needs to be done.”

Click here to register your interest in receiving in-depth advice or accessing the business grant.

The grant is only for established SMEs in Hertfordshire that ideally have 5 or more full time equivalent employees, and that can demonstrate growth potential through job creation, increased sales or profitability. To register your interest, you must complete the form via the 'click here' link above.

Please note: further eligibility criteria and T&Cs apply, click here for further details.

 

*grants must be claimed within 3 months of receiving confirmation that your application has been accepted, unless agreed otherwise with the Project Team.

 

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