The latest Economic Growth Solutions impact report has shown that Worcestershire’s businesses have received over £100,000 in funding from the Manufacturing Growth Programme, as part of 71 grants offered locally.
The Manufacturing Growth Programme has already helped to create 33 jobs in Worcestershire with 23 more jobs forecasted. In total this has leveraged a total of £113,000 of private sector investment and 100% of the businesses that received support from the programme said that they were ‘very satisfied’.
The report also highlighted barriers to growth for local businesses which included continuous improvement, environmental barriers and marketing and market knowledge. The Economic Growth Solutions report showed that the programme has offered a large proportion of direct support in these areas, including 24% for marketing and market knowledge and 13% of support for environmental.
Across the Midlands, the programme has offered a total of £2,345,987 via 1,631 grants. This has helped to create 804 jobs in the region, with 575 more jobs forecasted.
Gary Woodman, Chief Executive of Worcestershire LEP, said: “It is great to see that the Manufacturing Growth Programme has already had a positive impact in creating jobs locally, by helping to address the barriers to growth of our local SME manufacturers. We are always working to find new ways to support local business growth and we will continue to work closely with Economic Growth Solutions to support our key growth sector of Advanced Manufacturing.”
For further information on the Economic Growth Solutions programme, and to view the impact report, visit their website.