The New Anglia Local Enterprise Partnership has been awarded £3m from the Government’s Regional Growth Fund to establish a business growth fund.
The New Anglia Business Growth Fund will create around 500 jobs by offering business growth grants of between £25,000 and £100,000 to SMEs in Norwich, Ipswich, Great Yarmouth and Waveney.
The investment grants will be targeted at SMEs in five growth sectors identified by New Anglia LEP’s Sector Growth Strategy – advanced manufacturing, energy, ICT, life sciences, and digital creative, although no sectors will be excluded. Grants will be offered to a maximum 20 per cent of the value of the expansion project – meaning the fund will lever in at least £12m of private sector funding.
Grants will be allocated by an experienced panel including representatives from Finance East, which operates the East of England Regional Growth Loan fund, and UEA, which operates the Low Carbon Innovation Fund together with business representatives from the LEP board.
Andy Wood, chairman of the New Anglia Local Enterprise Partnership , said: “We are delighted that the New Anglia LEP has been successful in securing this funding from the Government in what was a very tough national competition.
“We are starting to show that we can deliver as a LEP and secure funding for our area. We are confident our fund will make a real difference and help businesses in Norwich, Ipswich, Great Yarmouth and Waveney grow and create more jobs.”
As well as the grants – applicants will also be offered access to mentors through the programme, using both locally based mentoring groups and the national mentorsme.co.uk web platform.
This will improve the chances of the business expansion projects being successful and the new jobs that are created being sustained.
Marketing support for the programme will be provided through a major promotional campaign from media group Archant.
New Anglia LEP and partners have conducted extensive research into the availability of finance for SMEs and the gaps in provision, with the strong conclusion that a new, locally based, targeted financial instrument was required to bridge the gap between funding that banks are prepared to lend and the needs of businesses locally.
Norwich, Ipswich, Great Yarmouth and Waveney were chosen as locations for the funding as they fitted most closely the criteria of the Regional Growth Fund.
The announcement comes ahead of the New Anglia Lep’s business conference which takes place on Monday October 22 at Wherstead Park, near Ipswich.
Around 250 delegates will hear presentations from hi-tech businesses Intelligent Fingerprinting and Sharedband as well as have a chance to learn about the East of England Cooperative’s Regional Investment Fund and hear from Business Minister Michael Fallon.
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Press release, October 22, 2012; Image: offshorewind