Funding your business future

Locate East Sussex discusses the support available for East Sussex businesses to help them expand and grow.

‘Where do you see yourself in five years?’  a common question at interviews, returning answers of career progression or specific personal achievements, but when it comes to your business, do you have a plan? Is it an increase in turnover, a new product, bigger premises, better productivity?

These plans often come at a big cost, which can often limit what smaller businesses can achieve, at least in the timescales they were hoping for. But there is financial help available to support growth if you know where to look.

The East Sussex Invest Fund (ESI) was established in 2013 by East Sussex County Council supported by the Regional Growth Fund (RGF) and is delivered by the County Council in partnership with Locate East Sussex. The fund offers grants and loans for capital investment to stimulate business growth and job creation in the county.

The fund offers Loans from 10k – 100k and Grants from 10k-£25k, with a requirement of match funding of 50% for loans and 60% for grants. This funding is available for a wide range of industries specifically to help with capital expenditure to help businesses grow by investment in premise upgrades and equipment purchases resulting in the creation of jobs for the county.

Now in its 9th Year, the ESI fund has supported 247 businesses to access over £4.5 Million in loans and £4.4 million in grants, a cash injection of over £9 Million into East Sussex businesses, resulting in the creation of 1065 jobs.  Applications are assessed by and independent Grants and Loans panel who make a recommendation of funding to the Director or Communities, Environment and Transport. The recommendation is made on the basis of viability and job creation prospects. All applicants are supported through the process by the team at Locate East Sussex.

The fund has had a huge impact on the business community, and Locate East Sussex has been delighted to be able to facilitate the growth of businesses such as;

Focus SB, Hastings

Focus SB was awarded a £42,000 loan, and a £15,000 grant to purchase tooling and design a new range specifically for China, resulting in the company making history by becoming the first and only British and European manufacturer in its industry to gain CQC factory accreditation to supply and sell wiring accessories directly from Europe to China as well as creating new jobs.

To The Rise Bakery, Eastbourne

As a start-up growing quickly To The Rise needed equipment and some alterations to their new premises in order to make it work for them, Locate East Sussex helped them successfully apply for a  £10,000 grant to upgrade their oven from one that could bake 9 loaves at a time, to a professional-grade machine that could bake 60, improving their productivity by over 500%!

Knoops, Rye

With Locate East Sussex’s support owner Jens was able to secure a £25,000 ESI loan of which £10,000 will convert to a grant when the jobs promised are created.  This funding will support the expansion of the Hastings based factory, purchasing machinery for creating and packaging the tubes of chocolate flakes for home consumption.

“Adam from Locate East Sussex was really supportive in helping us with the process of funding, and I’m really pleased that the support we have received has meant we can keep production in East Sussex.”

Jens Knoop, Owner, Knoops

Ordinary Climbers, Polegate

Was awarded a 57,500 loan through the fund, to finance the acquisition of high-quality climbing wall components for their new indoor leisure climbing wall business.

Beak Brewery, Lewes

Funding through the ESI programme helped Beak Brewery to hire three employees from the start, future-proof the business with a 22-hectolitre brew kit and fit out the premises to precise specifications, including a new mezzanine level, cold storage, a grain auger, and a spacious taproom.

Other funding opportunities

Stalled Sites Fund

The Stalled Sites Fund is an East Sussex County Council one-off capital fund designed to help finance feasibility studies and business case development to support schemes that are not viable without public support and unlock stalled employment and housing sites that have site-specific reasons for remaining undeveloped with loan or equity share finance. Funding of up to £25k for Feasibility studies and business cases is available requiring a minimum of 50%.

The eighth iteration of the fund ‘East Sussex Invest 8’ will be announced soon with new criteria to support green growth. Locate East Sussex and East Sussex County Council are here to help you realise your business potential and achieve your growth goals. It all starts with a conversation, so drop us an email or give us a call 0300 343 5749 and see how we can help you.

 

Adam Berger with Beak Brewery
Emily Wright with To The Rise Bakery
Knoops

The ESI funding that we received helped us enormously. We wouldn’t have been able to work to the timescales we were aiming for without it.

Gary StevensManaging Director of Focus SB
Managing Director of Focus SB