Cash from business rates in Boston borough is to be used to help businesses in the area.
Boston Borough Council’s Cabinet agreed to make £100,000 of £388,000 retained locally from business rates available as an incentive for firms to grow and invest.
A further £100,000 is to be used to fund a business grants scheme to nurture and enable business.
Up to £25,000 will go into High Street technology, to encourage consumers to use the High Street in different ways to increase visits.
A project to provide electric vehicle charging points will receive £18,500 and £800 will support Lincolnshire County Council’s skills initiative to create enterprise advisers to link schools with business.
Lincolnshire was chosen as a pilot area by the Government’s Department of Communities and Local Government for a “business rates localisation initiative” in 2018/19.
The money is to be used for projects to promote and deliver improved economic activity, including one-off and longer-term projects.
The relocation discount will support local businesses wishing to grow and invest in the borough. Cash will be available to a “growth business” able to satisfy a new growth board that a grant will enable match funding by the business to create or safeguard jobs.
The business grants scheme will support entrepreneurs and growing businesses, increasing the number of new businesses starting up and nurturing young businesses to grow.
A new business panel comprised of business-oriented organisations and business leaders will consider funding applications.
The nurture fund will make grants up to £5,000 available, match funded by applicants to the tune of 25 per cent, to support and help develop young businesses which have less than three years’ trading. These businesses will have to demonstrate a credible business plan and be at a stage where they are ready to take forward developments increasing productivity and the growth of the business.
The enable fund will provide grants up to £1,000 to start a new business. Grants have to be 20 per cent match funded by the applicants.
The electric vehicle charging points project will help improve air quality in busiest traffic areas of Boston and incentivise increased use of electric vehicles.
It is proposed that there should be charging points at Staniland car park (four vehicles charging at the same time), Bargate Green car park (also four vehicles), Cattle Market car park (four vehicles), West End car park (two vehicles), Geoff Moulder Leisure Complex (two vehicles) and Municipal Buildings car park (seven vehicles).
The entire Boston scheme will cost £78,943. Around a quarter of that cost will come from the Business Rates Retention Pilot Project and additional money will be sought from the Office for Low Emission Vehicles’ £4.5 million fund.
Cllr Michael Cooper, Leader of Boston Borough Council, said: “We have been working on various projects to encourage more business to the area.”
Cllr Aaron Spencer said: “We will make this money work for us and support businesses across the board.”
Cllr Martin Griggs added how important the grants could be for small businesses just setting up and looking to expand and Cllr Cooper said there was also opportunity to attract bigger companies.
New electric vehicle charging points are on their way to Boston.