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
For further information contact: Emma Finn, New Anglia Local Enterprise Partnership
Mobile: 07769 921834
New Anglia's website is www.newanglia.co.uk