New Anglia LEP secures £3.9 million for business support

Media Release:

New Anglia LEP secures £3.9 million to support 1,000 businesses, create 200 business start-ups and create 200 new jobs

 

The New Anglia Local Enterprise Partnership will be helping to support at least 1,000 businesses, and create 200 business start-ups and 200 new jobs, after securing £3.9 million of Regional Growth Funding as part of the Ipswich and Norwich City Deals.  The deal will also lever in at least a further £8 million of public and private sector funding.

 

Funding will be used to create a Growth Hub for Greater Ipswich and Greater Norwich,
which will provide Norfolk and Suffolk businesses with a 'no wrong door' route for accessing business support.

 

Through the Growth Hubs, businesses will have greater and simpler access to national
and local business support, as well as access to several new business support programmes,
including: -

 

Early Stage Grant Scheme- Providing grants between £5k-£50k for businesses in first year of trading, to help them grow and employ people.

 

Innovation Readiness Programme- Two dedicated coordinators to help businesses apply to innovation programmes and draw down higher levels of funding to support their growth.

 

Innovation Vouchers- Allowing companies to purchase expertise at reduced cost from regional universities to access specialist facilities, mentoring, internships and consultancy or a combination of the above

 

Business Start-up Programme- Expanding support for business start-up through dedicated support, to increase the number of new businesses.

 

Growth Hub coordinators will be able to provide a first point of contact for any  business, providing a diagnostic service and accurate, up-to-date information  on support schemes to unlock both local and national support and funding.

 

Suffolk Chamber of Commerce will be responsible for the management of the Growth Hub, with other elements provided by enterprise agencies NWES, MENTA, Finance East, University of East Anglia, University Campus Suffolk and Norwich University for the Arts.

 

AndyWood, Chairman of the New Anglia LEP, said "We know that business support is complex and often businesses aren't able to find the help and support they require.

"Our aim is to break down the barriers caused by this uncertainty and guide businesses to help and support to enable them grow to their full potential."


 

The LEP will work with partners to finalise contract terms with the Government, with the Growth Hubs expected to begin operating in the spring of 2014.

 

End.


For further information contact

Emma Finn, New Anglia Local Enterprise Partnership 

Mobile:  07769 921834

 

Email:  emma.finn@newanglia.co.uk