Growing Priority Sectors (GPS) is a £2m per year fund operating between 1 April 2015 to 31 March 2019 with the aim of strengthening the capacity of Black Country businesses to take advantage of new market opportunities by providing grants to businesses with growth projects that cannot find adequate finance elsewhere. It is essential that any potential applicant reads the guidance notes, plus the instructions included in the application form, carefully before applying.
However, in brief, the fund will operate as follows:
- Grants available will range from £50,000 to £1 million.
- Grants will be available for capital investment in plant, machinery and property only.
- The maximum contribution towards the total cost of an application will be at the following rate (see end of document for definitions of business size):
- 30% for small businesses.
- 20% for medium businesses.
- 10% for large businesses.
- Projects can be funded over multiple years but there will be no carryover of funds between years.
- Growing Priority Sectors will prioritise, but not be restricted to, the following key sectors: –
- High Value manufacturing.
- Businesses services.
- Environmental technologies.
- The fund will also prioritise applications that represent involves product, market or service innovation
- The fund is to support growth projects and as such will only consider the creation of new jobs in the selection process.