From manufacturing and engineering to marketing and digital creative more than 100 businesses in Suffolk and Norfolk have been awarded grants worth over£10.7m, from New Anglia’s flagship Growing Business Fund.
A total of 114 companies, across all districts in both counties, have secured grants to help them boost productivity and create jobs. The funding has helped with capital projects such as new premises and production lines and paid for equipment and tools, IT software and marketing campaigns. The funding is set is to create a total of 1,384 jobs over the next few years and will unlock £60.3m in private match funding.
The fund, which was launched in April 2013, offers grants of between £25,000 and £500,000, representing up to 20% of the expansion costs and must create one job for every £10,000 awarded. There is also a Small Grants Scheme which offers funding from £5000 to £25,000.
Chris Starkie, managing director of New Anglia LEP said: “The LEP’s primary focus is to help drive the economic growth of Norfolk and Suffolk. The Growing Business Fund is key to that ambition and not only supports SMEs to thrive and create jobs, but helps them to unlock further private investment which would not be available without our financial support. In two years this fund has already beaten its predicted job target and through our Growth Deal with Government we have additional funding enabling the programme to run until 2021.”
Norfolk Case Study
Krusty Loaf Bakery, with branches in Fakenham and Holt, Norfolk, has secured a £50,000 grant from the Growing Business Fund which will help build a new production line in Fakenham creating five new jobs. Bakery manager, Nick Henry, said it greatly supported the company’s expansion plans.
Nick said: “We’re really excited about the future. The New Anglia grant will help us to build a new production bakery in Fakenham, which will be completed in 2016. It will also enable us to employ a further five new people and will have a really significant impact on our business, which supplies our products to a wide variety of outlets including pubs, hotels, farm shops and tourist attractions throughout the area.”
Nick heard about the Growing Business Fund from New Anglia’s Growth Hub, which offers free support for new and existing businesses across Norfolk and Suffolk.
Suffolk Case Study
Ultra Precision based in Haverhill, Suffolk, has secured three grants from the Growing Business Fund amounting to £135,000. The precision engineering company makes components for a range of industries including aerospace, robotics and motorsport.
Geoff Quick, Managing Director of Ultra Precision said: “The grants from the Growing Business Fund have really helped drive our growth.”
“We can now invest in the latest technologically advanced equipment to make our processes faster and more efficient. This will deliver opportunities to be more competitive in a global marketplace and we aim to employ a further 10 people over the next two years to achieve our goals. “
For further information on Growing Business Fund please go to www.newanglia.co.uk/business-support/ or call the New Anglia Growth Hub on 0300 333 6536