Funding to Recruit and Sustain Jobs

Financial support for creating and/or safeguarding private sector jobs

In addition to the direct financial support for employing and developing staff e.g. whole or part funding of their training and the related incentives e.g. Apprenticeship Grant for Employers (£1,500); there is also significant grant funding potentially available to help you create and/or safeguard jobs.

If your job creation/safeguarding relates to a project then the following may be applicable:

Solent Growth Fund (grant, loan, forward-funding or equity share funding of £10,000 – £500,000)

  • For start-ups and SMEs that can demonstrate high growth
  • Revenue and capital funding available
  • 20% intervention rate for SMEs; 40% for start-ups; and 40% for SMEs experiencing challenging trading conditions
  • The Solent Growth Fund: Small Business Programme offers funding from £10,000 to £75,000 and for more details, including bidding guidance and the application form see the Solent LEP website
  • The Solent Growth Fund: Capital Investment Fund offers funding from £80,000 to £500,000 and for more details, including bidding guidance and the application form see the Solent LEP website

Solent Marine and Maritime SME Growth Fund (grants of £5,000 – £75,000)

  • For start-ups and existing SMEs in the marine and maritime sector to assist with creating and/or safeguarding jobs
  • Grants of between £5,000 and £75,000 for capital projects via a competitive bidding process
  • Bidders required to invest at least 80% (existing SMEs) or 60% (start-ups) of the total project costs
  • See the Solent Enterprise Partnership website for more details, including bidding guidance and application form

Bridging the Gap Armed Forces Fund (grants of £5,000 – £75,000) 

  • Applicants must be members of the armed forces community. For clarity this includes service leavers, veterans, spouses, families, reservists and cadets (over 18)
  • For start-ups and existing SMEs to assist with growth projects that will create new jobs
  • Grants of between £5,000 and £75,000 for capital projects via a competitive bidding process
  • Bidders required to invest at least 80% (existing SMEs) or 60% (start-ups) of the total project costs
  • See the Solent Enterprise Partnership website for more details, including bidding guidance and application form

Solent Innovation Fund (grant, loan, forward-funding, or equity share basis funding from £250,000 to £5,000,000)

  • For private or public sector organisations, or private/public partnership
  • Funding can only be used to support capital expenditure items
  • The fund can provide 50% of the total project cost
  • See the Solent Local Enterprise Partnership website for more details

Interested parties are strongly advised to contact the Solent Local Enterprise Partnership direct for an initial discussion about the funding eligibility for their prospective projects prior to any application being made.

Regional Growth Fund (grants of £1+ million)

  • For private sector employers to develop projects or programmes with significant potential for economic growth in areas dependent on the public sector for employment
    • funding can be used to support capital investment, R&D, or training for projects seeking to extend current activity or diversify
  • Grants of a minimum £1 million via a competitive bidding process
  • Bidders required to invest at least 50% of the total project costs

Businesses applying for £1+ million apply direct to the Government but are advised to initially consult with the Solent Local Enterprise Partnership.  To find out more details see the GOV.UK website RGF content.  Vector Aerospace and North Sails have both successfully secured RGF grants worth millions of pounds to help sustain and create jobs in Gosport.

Stay in touch with us…


Have any questions?
prosperity@gosport.gov.uk

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02392 545 425