At its meeting this week, the council approved an increase in maximum amount of a South Lanarkshire Business Growth Grant from £20,000 to £50,000.

This grant has been in operation since 2015-16 and aims to improve businesses’ long-term sustainability and growth, supporting eligible projects with 50% of the cost.

Since April this year, the fund has approved 28 applications totalling £417,721 in grant funding. Supported projects encompass a wide range of investments, but frequently feature improvement of premises or the purchase of expensive items of equipment and machinery to enable the business to grow.

These projects alone are projected to safeguard 313 jobs, create a further 139 jobs and increase turnover by £4m.

The grant is funded 60% by the council and 40% from the European Regional Development Fund (ERDF). However, of the £1.1million provided by the ERDF in the period since 2015-16, £600,00 requires to be used by the end of March next year.

To allow this to be committed more easily and effectively, the maximum grant has therefore been increased to £50,000.

Councillor Joe Fagan, Leader of South Lanarkshire Council, said: “Despite the challenges and ongoing cost of living crisis, there are still larger opportunities for businesses to expand in various sectors and the approval here will allow us to support local businesses to a larger amount and unlock that growth. This will ensure projects take place sooner, on a larger scale and with the potential to achieve enhanced outcomes.

“An increase in the grant level to £50,000 will also open the door to new and possibly larger businesses already in the area or interested in coming here, and show them that there is financial support available via the council to deliver larger scale projects.”

Further information on the South Lanarkshire Business Growth Grant, including information on eligibility and an link to submit a query about it, can be found on the council website.