Worcestershire businesses interested in accessing funding to help them to expand are being reminded to apply for a share of £350,000 as soon as possible.
Grants are available as part of the Worcestershire Expansion Programme scheme, which is being managed by Worcestershire County Council on behalf of the Worcestershire Local Enterprise Partnership. The scheme provides funding for physical expansion, buying capital equipment and to support training, research and development projects.
The aim of the grants, which are funded by the Government’s Regional Growth Fund, is to enable Worcestershire companies to realise their growth potential and to strengthen their position in the market as well as lever in private investment, safeguard jobs and to significantly contribute to increasing productivity and growth.
In the first two funding rounds, Worcestershire Expansion Programme allocated just over £2m (£2,016,092) assisting the growth of 15 local businesses, levering over £13 million of private sector funding and is expected to safeguard 134 jobs. This latest ‘quick win’ round is expected to safeguard an additional 180 jobs within the County and should also secure several million pounds of private sector investment.
Funding is, however, limited and so those interested are reminded that they need to apply early ahead of the deadline of 5pm on 12 December 2014.
Peter Pawsey, Executive Chair of Worcestershire Local Enterprise Partnership, said: “This funding provides excellent support for businesses that are looking to grow. As the first two funding rounds have shown, these grants have helped our local businesses, successfully levered significant private sector investment and safeguarded jobs across the County and this round of funding provides a further final opportunity.”
Simon Geraghty, Cabinet Member for Economy, Skills and Infrastructure at Worcestershire County Council, said: “This funding will benefit our businesses and the local economy in the years to come. Applications will be assessed swiftly as they are received to support businesses as quickly as possible. However, funding is limited and so I would urge businesses who are interested to apply early ahead of the closing date to ensure they don’t miss this final chance to access this funding.”
All projects must clearly evidence project spend before March 2015 and late applications cannot be considered. Further details and information on how to apply is available at www.business-central.co.uk/wep