Independent businesses on and off the high street can benefit from a new grant scheme designed to support business growth and innovation.
The Business Innovation Support Scheme (BISS) launched by Babergh and Mid Suffolk District Councils, has four different funding streams which can be used by businesses to deliver a range of improvements to their business.
The funds within the Business Innovation Support Scheme include:
- Growth and increased Productivity Fund
- Enterprise and Innovation Fund
- High Street Premises Enhancement Fund
- Environmental Sustainability Fund
The grant value will be up to £2.5k for each of the funds except the Enterprise and Innovation Fund which will have a maximum limit of £5k.
The grants can be used to enable growth and innovation, create, and sustain jobs, access training and advice as well as allow businesses to react and become resilient to the ever-changing business landscape.
In addition, the grants can be used to improve business frontages and disabled access, invest in green solutions to improve environmental outcomes, and develop new technology-based business solutions.
The Business Innovation Support Scheme will be allocated over the next three years with a total of £300,000 being distributed to businesses in Babergh and Mid Suffolk.
With many businesses currently facing uncertain and difficult times, the new fund scheme will provide a much-needed boost to businesses after the coronavirus crisis and to help businesses in emerging challenges including Brexit.
The Business Innovation Support Scheme reflects Babergh and Mid Suffolk District Councils commitment to supporting small and medium sized businesses, which make up 99.6% of the registered businesses in the Districts.
Cllr Gerard Brewster, Mid Suffolk District Council cabinet member for economic growth said:
“Our towns and villages are home to many small and independent businesses which are very much at the heart of our communities. The Business Innovation Support Scheme has been designed to enable businesses to grow and innovate, make improvements to their premises and support job creation. I would encourage businesses to find out what funding is available to them.”
Cllr Michael Holt, Babergh District Council cabinet member for economic growth said:
“As we look forward post the challenges of Covid-19, we want to demonstrate our commitment to businesses through our new funding scheme. These grants will allow businesses to introduce new technologies, improved environmental solutions as well as investing in staff training and new jobs. This scheme will be run over the next three years and will help businesses navigate through the ongoing economic challenges they are facing.”