What is the East Sussex Invest 7 (ESI7) ?
East Sussex Invest 7 (ESI7) fund is an East Sussex County Council and Regional Growth Fund (RGF) programme to support the local economy and create jobs. It is delivered by the County Council in partnership with Locate East Sussex (LES). Businesses are required to apply for all coronavirus (COVID-19) business funding they are eligible for prior to applying for ESI7.
What does the fund offer?
The fund offers grants and loans for capital investment to stimulate business growth and job creation in the county.
- Grants from £10k to £25k – require minimum match funding of 60%
- Loans from £10k to £200k – require minimum match funding of 50% and have an arrangement fee of £450 (up to £25k) or £650 (for loans over £25k) which is paid to the Let’s Do Business Group who administer the loan. Note: Loans of £25k plus and to start-ups usually require a Directors Guarantee or Charge
- There is an additional grant of £1.5k for a new accredited apprentice position. This is a one off payment with no match or evidence of spend required; it is limited to one per successful application
Eligibility criteria
- Micro, small and medium (SME) businesses (under 250 employees), and start-ups.
- Charities and social enterprises are eligible if more than 50% of their turnover is from trading.
- Capital expenditure items only are eligible, these include: building works to upgrade or extend the premises, fixtures and fittings, machinery, equipment, software (purchase and development), marketing drives, targeted consultancy, specialist training. Excludes property or land acquisition and all revenue.
- Ratio of loan funds to jobs created is £16k per full-time employment (FTE) job created or £12k for FTE job reinstated.
