Corby cashes in on £6m funding for steel regions

From left, Vince Cable, Secretary of State for Business, Innovation and Skills during a visit to UK Steel Enterprise offices with managing director Simon Hamilton and regional manager Keith Williams.
From left, Vince Cable, Secretary of State for Business, Innovation and Skills during a visit to UK Steel Enterprise offices with managing director Simon Hamilton and regional manager Keith Williams.
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UK Steel Enterprise has launched a new £6m scheme dedicated to supporting businesses committed to expansion and sustainable employment within England’s steel regions, including Corby.

The newly-launched Equity Growth Fund has been backed by the government’s Regional Growth Fund (RGF).

A subsidiary of Tata Steel, UK Steel Enterprise is inviting applications from companies interested in accessing funds of up to £1m to help drive growth and deliver job opportunities within their local communities.

The finance will be available to support a range of projects, which can include securing larger premises, investment in new equipment, new technology or to support working capital needs.

The scheme is available in the steel regions of Corby, Tees Valley, Derwentside, West Cumbria, South Yorkshire, Humberside, The Black Country, Stoke-on-Trent, Chesterfield and Worksop.

This fund is the latest initiative from UK Steel Enterprise, which has helped more than 6,000 organisations to date, and continues the company’s tradition of investing in expanding businesses which can create jobs.

Keith Williams, UK Steel Enterprise regional manager said the organisation was now in a position to invest even more funds in growing companies thanks to the backing of the government’s RGF scheme – an initiative that also aims to act as a catalyst for sustainable economic growth.

Mr Williams said: “This new fund allows us to invest more money in a greater number of companies to support their expansion ambitions. Part of the fund will be aimed at young, early stage companies with high growth potential, while established companies can apply for amounts up to £1m.

“Businesses with a clear strategy to drive recruitment opportunities in the local communities in which they operate are encouraged to get in touch and discuss the funding options available.

“As an organisation, we are committed to supporting sustainable business growth – making sure that we implement a finance solution that is appropriate, whilst ensuring that management teams retain full control of their company.”

UK Steel Enterprise is one of 50 projects and organisations to receive support from Round 5 of the government’s Regional Growth Fund, which is expected to unlock £1.9bn of additional private sector investment and create or safeguard thousands of jobs, while also generating thousands of jobs in the supply chains.

The Regional Growth Fund has already helped over 400 projects and 3,500 small and medium sized enterprises.

Greg Clark, Minister for Universities, Science and Cities said: “This £6m boost for the Midlands and northern steel regions will support growing businesses as they create jobs.

“This investment from the Regional Growth Fund is a great example of how business and government can work together to create the jobs that are fuelling our recovery and building a stronger economy.”