Hertfordshire LEP has launched a new £2.67m grant scheme, as part of a £3.28m package of business support measures to help mitigate the impact of COVID-19. The Hertfordshire Business Expansion Grant Scheme (BEGS) is designed to support SMEs identified as having great propensity to grow, but that have been unable to obtain all, or part, of the financial support they need through traditional methods.
Grants provided under this scheme can be used towards the purchase of machinery and equipment to aid the expansion of a business. This includes the costs of buying plant and machinery, IT equipment, and in certain cases, the acquisition or construction of additional floor-space. Grants will range from £10k to £100k, subject to an aid ceiling of 50% of capital expenditure on fixed assets, and will be linked to the creation of at least one full time job.
This scheme is funded jointly by Hertfordshire LEP and the European Regional Development Fund (ERDF), and supported by Hertfordshire Growth Hub, FSE CIC, and Hertfordshire County Council.