Dorset LEP launches £2m Growing Places funding round for SMEs

By Daniel Face

27 October 2023

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The Poole facility of Field International, who used a £2.3m Growing Places loan to help safeguard 50 local jobs.

Applications are now open for Dorset SMEs seeking short-term finance as part of the latest £2 million Growing Places Fund investment round.

Businesses and organisations based in the county can request loans for capital investments with tangible economic outcomes – for example, boosting productivity or creating local jobs.

Loans are repayable over a maximum period of five years at a minimum of £250,000.

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Vinita Nawathe, Executive Director of Dorset LEP, said: “We welcome applications from Dorset SMEs or other organisations who are seeking finance for capital projects that will bring economic benefit to the Dorset area.

“Our rolling loan scheme has provided £17.9m of funding over 13 projects since its first launch.

“We’re excited to be re-opening the scheme for this round of investment.”

The Growing Places Fund has previously financed the opening of a new business development hub – The Factory in Poole – as well as Dorset Green H2, the first green hydrogen facility in the South West.

Applicants will undergo a two-stage selection process, as per the Growing Places Fund prospectus. The closing date for applications is 15th December 2023.

By Daniel Face

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL.

Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience.

Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.