A new funding programme is up and running set to provide financial support ranging from £25,000 to £500,000 to over 100 existing businesses based in the East Midlands looking to grow and invest in innovation.
This innovative partnership programme sees three East Midlands Local Enterprise Partnerships (LEPs) working together with economic development company East Midlands Business Ltd (EMB) to deliver the support, which is provided through almost £7 million from the European Regional Development Fund, managed by the Department for Communities and Local Government, and an additional £10.5 million from the Government’s Regional Growth Fund.
Communities Minister Baroness Hanham CBE said: “Supporting local communities, its people and the businesses located there, is a key aim for the Department. Through this programme we will help to create jobs, whilst providing critical financial support to companies looking to expand their businesses.
”To achieve local growth and to improve the economy we must support those businesses that play such a crucial role in making this happen. The importance of this approach is recognised by the level of Government funding and also the collective relationship of a number of LEPs s committed to delivering this support. I am delighted that we have been able to offer nearly £7 million of investment into this important programme.”
For D2N2, the Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire, it will help provide additional funds to its Unlocking Investment for Growth programme.
David Ralph, Chief Executive of the D2N2 Local Enterprise Partnership, said: “This additional funding programme is welcome news and will help to add further funds into our Unlocking Investment For Growth programme, which has already secured £5m from the Government’s Regional Growth Fund to help local businesses grow and create new jobs.
“We want to use this money to help unlock key investment projects to grow the D2N2 region’s economy and applications are being invited through our Unlocking Investment for Growth programme. I hope it encourages businesses to get in touch and express their interest and feel free to have a no obligation discussion.”
Stephen Smith, Chief Executive of partner EMB, said: “We are excited to be working with three LEPs to stimulate business growth, encourage innovation and create new jobs. This funding will enable many companies to unlock key investment projects and achieve their growth ambitions.”
To find out more about the programme, contact Danielle Gillett at EMB on 0116 240 5200 or e-mail danielle.gillett@embltd.co.uk
