A new grant fund has been launched by Oldham Council to support businesses in the borough to accelerate their growth projects.
The Oldham Business Growth Fund has been created to help businesses whose growth plans were affected or put on hold as a result of the coronavirus pandemic.
Grants of up to £20,000 are available for eligible businesses whose investment projects will result in growth and new jobs for local residents.
The council says growth can be either new products or processes that will result in increased sales and employee numbers.
The fund will provide a grant of up to 50 per cent of total eligible costs. Priority will be given to applications from the manufacturing, creative and digital sectors, those with a high economic impact (jobs) and that focus on innovation and carbon reduction (net zero).
Councillor Shoab Aktar, Cabinet Member for Employment and Enterprise, said: “This is a fantastic opportunity to get your business growth plans back on track.
“We know the pandemic has had a massive impact locally – but the entrepreneurial spirit in Oldham is as strong as ever. We’re investing in you to help you and your business to come back stronger and in doing so, you can support your community to access new jobs and opportunities.”
The scheme has been launched with support from GC Business Growth Hub – which provides free support to businesses of all sizes in Greater Manchester.
The council say businesses that can evidence the following will be considered for a grant:
- Growth predictions of at least 10 per cent in turnover.
- Significant increase in employee numbers.
- Commitment to access at least three hours of business support provided by the Business Growth Hub.
Businesses will need to provide the following as part of their application:
- An up-to-date business growth action plan which sets out how and when growth will be achieved and what the outcomes will be - the Business Growth Hub can support you with this.
- Latest audited accounts.
- Signed and dated lease/mortgage agreement.
Applications can be made via www.oldham.gov.uk/growthfund. Anyone with questions or in need of support should email invest@oldham.gov.uk to speak to Oldham Council's business investment team.
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