23/04/13

Cash Grant Fund for Business Launches in Suffolk

This Wednesday (24th April 2013) the official Suffolk launch of New Anglia Local Enterprise Partnership’s Growing Business Fund will take place at the Salthouse Harbour Hotel, Ipswich.

The £3m fund provides cash grants to businesses, of between £25,000 and £100,000 for companies looking to expand their operations and create new jobs. 

The grant can provide up to 20pc of the funds needed to expand and must create one new job per £10,000 of the grant.

Funding for the scheme has come from the Government’s Regional Growth Fund.

Business Secretary Vince Cable, who recently visited the region said:

 “A lack of finance is one of the biggest barriers facing firms that want to grow. The Government is already taking big steps to help companies bridge that gap and now, thanks to this new fund, businesses across East Anglia will get that helping hand they need.”

Deborah Cadman, Chief Executive of Suffolk County Council said:

“Suffolk is already a great place to set up and do businesses. Many of these
companies want to expand and create greater wealth and jobs in the county -
but need a helping hand. That's why it's so fantastic that New Anglia has secured funding so that it
can provide grants to growing businesses. I would any urge business leaders in the county who are interested in
expanding their companies to find out more about the fund. The opportunities
are there for people to capitalise on."

David Ellesmere, Leader of Ipswich Borough Council and New Anglia Board Member said:

“We know that banks are still reluctant to lend to small and medium enterprises. The £3m Growing Business Fund is an opportunity for businesses in the Greater Ipswich area which want to grow but are being held back by lack of finance. I would urge businesses in this position to get in touch with New Anglia LEP and see what help is on offer.”

Ian Buxton, Chairman of Innovation Martlesham said:

“The growing Business fund offers a great opportunity for smaller companies to expand their business in these times when capital to move forward innovative ideas is in such short supply. I would certainly urge companies to take advantage of the grants available to help expand their businesses.”

Neil Miles, Managing Director of Smart421 based in Ipswich said:

“I think the Growing Business Fund is well timed and extremely well positioned.  Financially supporting small to medium businesses with local job creation is exactly what the ICT sector needs. As Chair of the IP Network Board, I am well aware of numerous technology firms that would benefit from this fund.”

Chris Soule FSB Suffolk Chairman said:

“The FSB in East Anglia supports the Growing Business fund in its aim to enable small firms to access finance, expand, and take on new staff. We understand the fund will provide up to a maximum of 20pc of the expansion project of a firm, and businesses must prove that for every £10,000 awarded, a new job will be created. It is important that alongside raising awareness of this fund New Anglia LEP works with businesses looking to apply to ensure they understand what is needed to prove the viability of their growth plans. The scheme has the potential to increase investors’ confidence in small firms, and we hope that a range of SME’s will benefit. It will be important for both the firms involved and the LEP to measure the value each grant adds, so in the future if more regional growth funding is secured, it’s spending is accurately informed”.

For more information on the eligibility for the fund please visit www.newanglia.co.uk

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