Hinckley and Bosworth Business Prosperity Grant 2024/25

Overview of the grant

Scheme description

The Business Prosperity Grant supports the aims of the government’s Levelling Up White Paper. It funds capital projects for small businesses throughout the borough, including the urban areas of Hinckley and Burbage. The aim is to help to improve productivity and strengthen the economy. 

There is £150,000 of capital funding to allocate 2024/25.

Who can apply?

Any business that is located or operating within the Borough of Hinckley and Bosworth.

Eligibility criteria 

To meet the eligibility criteria, your business must be:

  • A small or micro enterprise employing between one and 249 staff
  • Based in the borough of Hinckley and Bosworth, that is, you must pay business rates and/or council tax to Hinckley & Bosworth Borough Council
  • Trading as a business whose company type is either: limited liability, limited liability partnership, partnership, sole trader, franchise, social enterprise, or charitable company limited by guarantee
  • A business that has not applied for other UK shared prosperity funding for your project
  • In good standing with Hinckley & Bosworth Borough Council. For example, fully paid up on any money owed to the council such as business rates

If you are unsure, please contact us to check your status and eligibility.

Ineligible businesses

If your business has received funding from the Hinckley and Bosworth Rural England Prosperity Fund (REPF) to the maximum amount of £22,500, you are not eligible to apply for the Business Prosperity Fund.

If you would like to discuss your eligibility, please contact the Economic Regeneration Team: Regeneration contact form

Funding available

Hinckley & Bosworth Borough Council has £150,000 capital-only funding 2024-2025 to support the following theme:

Support wider small and micro enterprises and support tourism sector businesses/organisations

Capital funding grants to support micro and small enterprises looking to deliver innovative projects. Funding will support projects that improve efficiencies, net zero infrastructure for businesses and diversification outside of agriculture to encourage start up.  

Small and micro enterprises can invest in new technologies and equipment to deliver innovative projects that increase productivity or create local jobs. For example, investment in a new technology allowing you to bring a process in-house, or investment in a new line of products or services.

Capital grants to develop local tourism attractions, facilities, or infrastructure to enhance and promote the visitor economy and create opportunities to increase visitor numbers to our borough. For example, creating event venues or tourism facilities such as accommodation and leisure facilities.

Businesses can invest in green technology that will improve their carbon footprint and to develop their own green technologies. Such projects should improve business resilience, development, and revenue.

For example:

  • Purchase of capital investment to make small adaptions to business
  • Purchase of equipment to allow new operating processes, such as a move to digital services, optimisation of resources or enhanced waste management 
  • E-cargo bikes energy efficiency improvements 
  • Changing to a low carbon heating system 
  • Installation of low and zero-carbon generating technologies 
  • Insulation, replacement windows, doors, for example, to improve energy efficiency of buildings 
  • Heating, for example, biomass, air source heat pump (ASHP), water source heat pump (WSHP), but not fossil fuel alternatives  
  • Solar panels (building regulations and planning permission may apply) building fabric upgrades  
  • Insulation 
  • Energy-efficient lighting 
  • Draught-proofing machinery upgrades 
  • Energy-efficient plant and machinery
  • Electric vehicle (EV) charging points

Eligible costs

The minimum request per application is £7,500, with a maximum request of £22,500 per application. Businesses may submit more than one application, however the total awarded to a single business will not exceed £22,500. 

Businesses must directly contribute (or secure from another source), a minimum of 25% funding towards the total project costs. This means your request from us should not exceed 75% of the total project costs. 

We are also currently offering capital-only funding through our REPF. Should we feel your project application is more suited to the REPF scheme, you will be notified of this. It will not affect the level of funding you will be offered and you will not be asked to submit another application.

The 25% financial contribution may be from any other funding source including grants (excluding those listed). This funding must be secured rather than awaiting confirmation of to be considered eligible and you must be able to demonstrate match funding upon completion.  

We can provide capital funding only. We are not able to fund revenue projects or provide revenue funding to support a capital project. Capital funds can be used to acquire, build, or upgrade physical assets, including: 

  • A one-time purchase of a fixed asset
  • Acquisition of land and or buildings
  • Building and construction costs
  • Plant, machinery and equipment

The following costs are considered ineligible and must not be included in applications: 

  • Paid for lobbying, entertaining, petitioning, or challenging decisions, which means using the fund to lobby (via an external firm or in-house staff) in order to undertake activities intended to influence or attempt to influence Parliament, government or political activity, including the receipt of the UK Shared Prosperity Fund (UKSPF) funding; or attempting to influence legislative or regulatory action
  • Payments for activities of a party political or exclusively religious nature 
  • VAT reclaimable from HMRC 
  • Gifts, or payments for gifts or donations
  • Statutory fines, criminal fines, or penalties
  • Payments for works or activities which the lead local authority, project deliverer, end beneficiary, or any member of their partnership has a statutory duty to undertake, or that are fully funded by other sources
  • Contingencies and contingent liabilities 
  • Dividends
  • Bad debts, costs resulting from the deferral of payments to creditors, or winding up a company
  • Expenses in respect of litigation, unfair dismissal or other compensation
  • Costs incurred by individuals in setting up and contributing towards private pension schemes
  • Stock and supplies

Additional information:

  1. Grants can cover the approved project and are only available to fund items of capital expenditure. The grant awarded will not exceed the amount of capital work within an application
  2. Grants will only be paid in full on completion of the project (no part payments) and only to the applicant (no payment of invoices on behalf of the applicant). Applicants should make sure they have the resources in place to complete and pay for all phases of the scheme as Hinckley & Bosworth Borough Council will be unable to make payment until the final scheme has been inspected
  3. Where an applicant is VAT registered, VAT will not be paid
  4. Where a scheme costs less than originally estimated, the amount of grant paid will be reduced accordingly
  5. Grants must be claimed in full by 28 February 2025

Last updated: 26/01/2024 10:16