£1m cashpot aims to boost local business

The Nottinghamshire Economic Development Capital Fund will give £1m for each of the next three years towards initiatives to support job creation in the county.

In that time it aims to support 40 businesses and organisations, create 200 new jobs, safeguard 150 existing jobs, attract an additional £6m in match funding, improve 20 hectares of business land

The types of projects the fund could support include land or property development, purchasing equipment and machinery or other capital investments needed for expansion.

Funding applications will be considered from public sector led schemes, but only where it can be proved that they will support private sector growth.

Coun Diana Meale, chairman of Economic Development Committee at Nottinghamshire County Council, said: “Creating economic growth and prosperity is a priority for Nottinghamshire County Council.

“Whilst London and the south-east is showing signs of growth again following the economic downturn, the recovery in most of the country has been slower to take hold. We hope the new Economic Development Capital Fund can play a significant role in providing the stimulation needed for Nottinghamshire’s economy to prosper.

To apply for funding, businesses and organisations will need to make an initial expression of interest by 23 May 2014.

Further info is available at www.nottinghamshire.gov.uk/capitalfund