New growth funding for high growth businesses within the CPCA
As part of the Local Industrial Strategy, Cambridgeshire & Peterborough Combined Authority (“CPCA”) agreed to establish an inclusive Growth Service with the objective to engage the highest potential growth firms in their region and to better support them to accelerate their growth, increase their capacity and capability for growth and sustain their period within growth.
Cambridgeshire and Peterborough are home to a high concentration of high-growth firms, a highly skilled and entrepreneurial workforce and a dynamic business base and the combined authority are committed to provide the advice, access to skills and investment for businesses to overcome their barriers to growth.
An immediate grant funding opportunity for SMEs
CPCA have an immediate grant funding opportunity of up to £150,000 for SMEs based within, or moving into, the Cambridgeshire & Peterborough Combined Authority area. The focus of the grants is to support the creation of new jobs within the area between 1 April 2021 and 31 March 2022.
Who can apply for grant funding?
This grant funding is targeted at SMEs within the CPCA area which are defined as:
- having fewer than 250 employees;
- a turnover of under £45m OR a balance sheet of under £40m; and
- not being part of a larger group of companies that takes it over these thresholds.
The funding generally excludes primary agriculture, banking and financial services, and those trading directly with consumers - e.g. retailers and hospitality.
Can you apply if your business meets the criteria but is not in the CPCA area?
The grant funding only applies to business that are operating in this specific geographic area. If you are not in this area and expand your business into the area, you can apply for the grants:
What are the timescales for this grant funding?
Applications are being distributed on 1 March with submissions required by 12 March. There will be a competition and assessment process which completes on 25 March and the grant funding will need to be issued by 31 March.
How to apply for this immediate grant funding?
A high-level business case will need to be completed as an expression of interest and submitted to the CPCA team. You can find out more from Rebecca Bekkenutte.
Are there other grant funding opportunities available in the Cambridgeshire & Peterborough Combined Authority area?
Yes, there are more grant funding opportunities in FYE 2022 including
- Up to £10k in grants for business coaching
- Up to £150k funding in FYE 2022
- £5k is available in match funding for professional services for companies relocating to CPCA
- Business coaching services and support
- Access to skills and talent for your future work force
- Equity investment into the UK of up to £50k to £250k
What is Gateley Global’s involvement?
The team are not involved in the assessment of this grant funding. Members of the Gateley Global team are providing wider consultancy support to the CPCA Growth Service following a competitive tender. All applications for grant funding will be assessed by CPCA.
Would you like to find out if you are eligible to apply for grant funding?
If you think you could benefit from this and would like to find out more please contact our expert listed below.