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Full speed ahead for business growth thanks to new £50k Maximum Velocity grants

16 January 2015

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Companies across the South East Midlands could land a windfall of up to £50,000 as part of a new grants scheme aimed at encouraging business growth.

The ‘Maximum Velocity’ grants are being delivered by Velocity, the business support arm of the South East Midlands Local Enterprise Partnership (SEMLEP), with the aim of creating jobs and giving companies the chance to expand.

A limited number of the capital grants are available to small and medium sized businesses across the South East Midlands who are looking for help with funding to help them grow.

One company to have already hit the Maximum Velocity jackpot is Towcester Racecourse, who landed a £50,000 cash boost to help with the creation of the newly-opened greyhound track at the venue.

Chief executive Kevin Ackerman said: “The track forms a cornerstone of our masterplan to become the Ascot of the greyhound racing world and the Maximum Velocity grant was invaluable in helping us achieve this aim.

“We are looking to significantly grow our business and create new jobs for the local area. The new track, aided by the Maximum Velocity grant, has already resulted in almost 80 new jobs being created so it’s clearly having a positive impact on the local economy.”

Maximum Velocity grants can support capital projects which are an investment in technology or processes that facilitate growth, improve resilience or create new jobs.

Capital grants of between £5,000 to £50,000 are available up to a maximum of 25 per cent of eligible expenditure and will be based on £5,000 for each job that is created by the project.

Velocity chief executive Daniel Mouawad said: “It’s vital that ambitious businesses have access to the funds they need to help them grow. The Maximum Velocity grant does exactly that, helping to stimulate growth and create new jobs.”

The funding has been made available thanks partly to money received in the recent Local Growth Deal, which saw SEMLEP secure a £79.3m investment into the region.

For more information about applying for a Maximum Velocity grant, or to see if you may be eligible, call 0300 01234 35

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SEMLEP
European Union
Regional Growth Fund
Department for Business, Energy & Industrial Strategy