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Financial boost for Heart of the South West businesses

10th April, 2014
Businesses across Devon, Plymouth, Somerset and Torbay are set to receive a substantial multimillion pound investment, it has been announced today (10th April).

The ‘Unlocking Business Investment’ programme aims to boost growth across the Heart of the South West area, helping businesses to expand and create new jobs.  The programme, due to launch in 2015, will fund capital projects – including plant, machinery and new and extended premises - to help businesses to grow.

North Devon+ was awarded the fund through the Regional Growth Fund (RGF), a £3.2 billion government pot, designed to help companies in England to grow.

Targeted at businesses with significant expansion plans, the programme will provide grants of between £25,000 up to £1m, which must be match funded against private and commercial sources.

Developed by North Devon+ in partnership with Plymouth University, North Devon Council and Torridge District Councils, and supported by the Heart of the West Local Enterprise Partnership, the fund is expected to unlock private sector investment to create economic growth and sustainable jobs.

Andy Lobato, North Devon+ Chair, said: “This is an exciting announcement for the area that will create sustainable employment and help to rebalance the economy.

“We are currently finalising the details of the Unlocking Business Investment programme, but we expect it to be very popular – we know that some businesses with good growth plans are finding it difficult to secure finance through traditional methods and this programme aims to help address that gap.

Chris Garcia, Chair of the Heart of the South West Local Enterprise Partnership, said: “There is abundant potential, vision and ambition for business growth across the area – we’ve got a wealth of companies across a wide variety of sectors who want to expand given the right conditions.  This new programme is set to directly help businesses to unlock that potential, helping them to expand and create sustainable and long-term jobs.”

The programme will not be launched until 2015, but interested parties are asked to register their interest in advance by emailing info@northdevonplus.co.uk - more details will be sent when available.

ENDS