Businesses are increasingly benefitting from receiving funding to accelerate their growth. Without working capital, businesses may struggle to pay for the day-to-day transactions to keep afloat.
Andy Jones, from Kev Jones & Sons received £45,750 from Solent LEP last April to extend their shop in Portsmouth. Andy said without the funding, it could have taken five to 10 years for the business to raise the money. The 36-year-old said: ‘The Bridging the Gap fund is a great opportunity for small businesses which might not be able to raise the money they need to move forward.
‘There isn’t always a lot of funding out there for small businesses so this is a great chance for them to get money. We used it to expand one of our stores and the work was finished in a few months.
‘If we didn’t have that money, it would have taken so much longer to raise the money ourselves.’
The Bridging the Gap Growth Fund exists for Small and Medium Enterprises (SMEs) to provide support for future economic development in local areas. To find out about different types of funding that may be available for your business, visit, .