Ask the Expert: Business East Sussex

Here, Head of Business Services at Business East Sussex, Ian Smallwood answers your burning questions… 

My business needs investment to reach the next level. What are my options, other than a bank loan? If you are after investment in your business, you’re not alone

According to the National Office of Statistics business investment was estimated to have increased by 0.6%, to

£43.8 billion between Quarter 4 2016 and Quarter 1 2017. What’s more, the statistics show that it was due to an increase in investment in machinery and equipment, and intellectual property products (IPP), particularly software data.

Here at Business East Sussex we help businesses grow via securing government-backed or public funding – plus we help with fundamental business advice.

On offer at the minute is the South East Business Boost, which is being provided by the European Development Fund. Your business could receive funding of £1,000 to £10,000.

The grant can fund up to 30% of the eligible cost related to increasing sales, improving productivity and increasing profitability.

To be eligible for a grant, businesses must:
• Be considered small or medium enterprises (i.e. employ fewer than 250 people, and have an annual turnover not exceeding €50 million or a balance sheet not exceeding €43 million);

• Spend the full value of the SEBB
grant on a project taking place within the SELEP region (East Sussex, Essex, Thurrock, Southend-on-Sea, Kent or Medway);
• Secure 70% of the costs of the project in cash from private sector sources before the SEBB grant agreement is concluded.

Contact the BES Growth Hub team today on 0844 4152260 or email fred. thomas@businesseastsussex.org.uk