The Solent Marine and Maritime SME Growth Fund is a competitive £250,000 fund ring-fenced for marine and maritime businesses in the Solent and New Forest District Council areas.
It aims to support the Solent economy and marine sector by providing grants to both established small and medium sized businesses, and start-ups with potential for economic growth, leveraging in private sector investment, and creating or safeguarding jobs.
Anne-Marie Mountifield, chief executive at the Solent LEP, said: "The Solent Marine and Maritime SME Growth Fund will provide capital investment for SMEs or individuals to grow or start up their businesses and protect marine jobs in our area."
The new fund builds on the strength of the LEP's former Bridging the Gap programme, which has committed over £4.9m in support to businesses and supported at least 45 brand new start-up SMEs.
The fund is managed by the Solent LEP and promoted in partnership with British Marine.