£5 million boost for Heart of the South West businesses

PRESS RELEASE                           

For immediate release: 10th March 2014

Businesses across Devon, Plymouth, Somerset and Torbay are set to receive an investment of £5m fund, it has been announced today (10thApril).

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 helps 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

Note: The fund awarded is subject to a due diligence process by Government and may be subject to change.

Notes to Editors

For more information regarding this press release contact: Emma Parker Reynolds at Coast on 07944 360631 or the Coast main office on 01752 847135.

About North Devon
North Devon is the chief economic delivery agency for North Devon and Torridge.  We aim to deliver positive change, creating a more productive economy and more prosperous communities.  Our role is to ensure our area thrives as a place in which to live, learn, work and visit.  Our primary focus is on regeneration, tourism and business development.  We work with Torridge District Council, North Devon Council, Devon County Council and the private sector to deliver projects and initiatives that encourage and support business growth, improve quality of life, and address social and economic inequalities.  North Devon is a member of the National Enterprise Network.  To find out more visit www.northdevonplus.co.uk

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