£40,000 fund to help people set up their own business in North Lincolnshire

By Scunthorpe Telegraph | Posted: 5 Mar 2016

A KICKSTART fund worth £40,000 has been launched to help start-up new businesses in North Lincolnshire.

Grants of £500 to £1,000 will be available for dozens of businesses over the next year with the launch of the UK Steel Enterprise fund.

It is open to anybody starting a business or becoming self-employed in North Lincolnshire – including those affected by restructuring at Tata Steel.

The Kickstart Fund initiative, in partnership with North Lincolnshire Council and the Growth Hub, helps with initial costs especially for those with limited funds.

Financial guidance and advice will also be provided by Growth Hub advisors.

UK Steel Enterprise is the part of Tata Steel which invests in companies and communities in steel regions to help them grow and create jobs.

The company has committed additional support to help existing companies in the region to grow – providing investment finance of up to £1 million to facilitate expansion and create job opportunities, as well as loans of up to £100,000.

Keith Williams, regional manager for UK Steel Enterprise, said: "Small businesses are the lifeblood of the economy, but starting a business is a big challenge. This funding, as well as the support and advice provided alongside it, will help those budding entrepreneurs who need an extra boost to get the ball rolling.

"In time we hope that some of these companies will develop and expand – eventually generating further job opportunities across the region.

"We are committed to supporting the local business community, and would like to hear from any organisation looking for finance in order to facilitate growth – whether in need of £500, £50,000 or £500,000."

Baroness Liz Redfern, council leader and chair of the steel task force, said: "Starting a new business can be very difficult, so we want to offer a helping hand to get people on the right track.

"We are also offering support to people through our Growth Hub, where people can talk to a business advisor about their business plans and receive guidance on how to start up a business.

"If you're looking at becoming self-employed or starting up your own business, get in touch with our economic development team to apply for the funding."

One business to benefit from the kickstarter fund was the Tantini Tanning Salon on Ashby High Street, which was given a discretionary grant of £500 in 2012.

Owner Louise Mineham, 33, said: "It was this fund that allowed us to set up.

"It helped with the initial paperwork and gave us the start that we needed.

"The business is doing really well and we've expanded it so we've got a hairdressers upstairs.

"I'd definitely recommend people apply."

For more information, call the council's economic development team on 01724 297330 or e-mail businessinfo@northlincs.gov.uk

If you are an established business, call UK Steel Enterprise on 0800 915 1188.

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