LEP launches new grant fund to support Cumbrian business growth | Cumbria LEP
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LEP launches new grant fund to support Cumbrian business growth

Jim Jackson, CLEP Deputy Chair Jim Jackson, CLEP Deputy Chair

Cumbria Local Enterprise Partnership (CLEP) has launched a new grant scheme – the Growing Our Potential Fund – to support local businesses develop and grow.

At its recent meeting, the CLEP Board approved the creation of the £2million Growing Our Potential Fund, which will provide direct funding to local businesses to support them deliver their own growth plans.

Growing Our Potential is funded by Government’s Local Growth Fund and is designed to support growth, increase productivity, foster innovation and create jobs.

The fund is to support capital investments in the business with CLEP providing between 10-40% of the total investment. It is anticipated that the grants provided will be in the range of £50,000-£200,000, with the application process designed to be as business friendly as possible.

Grants will be available to established businesses (new start-up businesses are not eligible) to invest in projects that can demonstrate that they have a gap in funding that could be legitimately met by public support.

Jim Jackson, CLEP Deputy Chair and Chair of its Investment Panel, said: “I’m very pleased that we have been able to launch the Growing Our Potential Fund.

“This is a Cumbria wide offer to support Small and Medium Enterprises (SMEs) in delivering capital investments that will help them grow and create and/or safeguard private sector jobs.

“It is also intended to help improve productivity levels and rates of innovation, and so support the delivery of Cumbria’s Local Industrial Strategy.

“We expect the Fund to support between 20 to 25 SMEs, lever in at least £3.7 million of private sector investment and support the creation of 100 extra well paid jobs.”

Minister for the Northern Powerhouse and Local Growth, Rt Hon Jake Berry MP, said: “We are committed to boosting economic growth across the Northern Powerhouse and levelling up every place in the country.

“This programme, made possible thanks to £2 million from the Government’s Local Growth Fund, will support entrepreneurs from across Cumbria with fantastic ideas to grow their businesses and create more high-quality jobs.”


All projects will need to be completed by December 31, 2020.

For further information on the scheme, please contact:
Corinne Watson (corinne.watson@thecumbrialep.co.uk) or Liz Watson (Liz.watson@thecumbrialep.co.uk) – telephone 01768 212858.

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