BUSINESSES working in the digital creative sector can apply for funding.
Warwickshire County Council has launched a new fund to support business growth called the Warwickshire Digital Creative Co-Investment Fund.
The initiative will deliver over £200,000 in grants to local businesses.
The grants will assist in product development or key activities that lead to the businesses obtaining further private sector investment to accelerate their growth journey. It comes as part of WCC’s overarching Covid-19 recovery and investment programmes.
The scheme is an open competition offering match funded grants between £10,000 to £30,000. The fund is open to small, and micro-sized businesses, within the digital creative sector who have been in business for a minimum of two years.
The programme is aimed at businesses that are already looking to raise finance to grow their business but are facing challenges in securing private sector investment or accelerate activities to put them in a position to raise additional finance.
As part of this process, businesses will be required to evidence their growth plans and demonstrate how the funding will bring them closer to achieving their ambitions.
The council’s Business Growth Team will be on hand to facilitate initial discussions and other preliminary checks to ensure eligibility for the fund before businesses will be invited to full application.
WCC economy spokesman Coun Martin Watson said; “Digital creative business are often at a disadvantage to other business sectors due to their businesses and products being people centred. Whilst manufacturing businesses can benefit from capital grants to buy machinery to create products or make efficiencies, the digital creative sector is powered by digital input which more often than not is people.
“So creating products, or developing prototypes, is solely reliant on capacity of the organisation and can often take longer to get products to market, which in turn can stifle innovation.
“This issue has only been accentuated by Covid-19 due to the huge pressure on digital services and products to help pivot and support the transition to hybrid working and ensure the economy could continue to operate. This meant that the capacity for development of new products was static for two years and is only now beginning to be focused on. We hope this new fund provides the opportunity to accelerate business growth and get it back on track.”
The scheme is live for a period of six weeks for any interested businesses. To register interest and book an initial discussion with WCC’s business advisors email [email protected]