Stevenage Town Square

£1.4m new funding to support business growth

New funding to help business grow

£1.4M of new funding has recently become available from Herts Growth Hub to support business growth.

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

The Growth Hub’s Get Growing project is the second funded by the European Regional Development Fund (ERDF), with the first having successfully helped over 200 businesses, created 190 jobs and generated £12.2m for the local economy.

“Get Growing 2 provides a structured package of comprehensive support for SMEs that have the potential to grow or scale up,” says Sian Ryan, the Growth Hub’s Head of Service. “Following initial registration, eligible companies meet with our expert Growth Account Managers, who carry out a free in-depth diagnostic to help us understand their challenges and barriers to growth. We then put in place a detailed growth action plan and work with the SME to implement the key actions identified either directly or through our network of local specialists, who can provide support in areas such as marketing, cyber-security, recruitment, productivity and product development.”

Building on the success of previous funding, the project is placing particular 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 Growth Hub 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.

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 linked her up with 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.”

The deadline to register your interest for the third round of funding is 4th Oct 2019. Grants must be claimed within 3 months of receiving confirmation that your application has been accepted, unless agreed otherwise with the Project Team.

The grant is only for established SMEs in Hertfordshire that have 5+ employees and growth potential.

For further information visit https://www.hertsgrowthhub.com/post/2019-05-22/--1-4m-of-new-funding-made-available-to-help-companies-get-growing