Firms can apply to fund for up to £500,00 to expand

Baroness Hanham
Baroness Hanham

Businesses in Northamptonshire could get up to £500,000 to help them grow and invest in innovation.

A new Government supported funding programme is set to provide financial support ranging from £25,000 to £500,000 to over 100 existing businesses based in the East Midlands looking to grow and invest in innovation.

This innovative partnership programme sees three East Midlands Local Enterprise Partnerships - Northamptonshire Enterprise Partnership, Leicester and Leicestershire Enterprise Partnership and Derby, Derbyshire, Nottingham and Nottinghamshire Enterprise Partnership - working together with economic development company East Midlands Business Ltd to deliver the projects. It is supported by the Government with almost £7 million being contributed by the European Regional Development Fund, managed by the Department for Communities and Local Government, and an additional £10.5 million from the Regional Growth Fund.

Communities Minister Baroness Hanham said: “Supporting local communities, their people and businesses located in them, is a key aim for the department. This programme will help to create jobs, whilst providing critical financial support to companies looking to expand their businesses.

“To achieve local growth and to improve the economy we must support those businesses that play such a crucial role in making this happen. The importance of this approach is recognised by the level of Government funding and also the collective relationship of a number of Local Enterprise Partnerships committed to delivering this support. I am delighted that we have been able to offer nearly £7 million of investment into this important programme.”

Stephen Smith, chief executive of East Midlands Business Ltd, said: “We are excited to be working with three Local Enterprise Partnerships to stimulate business growth, encourage innovation and create new jobs. This funding will enable many companies to unlock key investment projects and achieve their growth ambitions.”

To find out more about the programme, contact Danielle Gillett at EMB on 0116 240 5200 or e-mail danielle.gillett@embltd.co.uk