South West businesses will be supported to expand thanks to £10million of Regional Growth Fund investment secured by Plymouth University and SWMAS Ltd, with its bidding partner South West Water from the £47million of Regional Growth Fund (RGF) funding for the South West.
The funding will be used to support two programmes – the launch of a new scheme which builds on the success of the GAIN Growth Fund and a Manufacturing Investment Programme with SWMAS Ltd.
GAIN, the Growth, Acceleration and Investment Network, will use the RGF funding to develop projects to boost high quality job creation and increase private sector investment across the South West, primarily through a new programme which will build on the success of the GAIN Growth Fund and incorporate free, additional support provided by the bidding partners to maximise the impact of grant funding.
The Manufacturing Investment Programme will champion manufacturing across the South West, providing manufacturers with access to funding for high tech capital investments and training. Successful applicants will also have access to specialist technical support to help embed new technologies, maximising productivity and growth prospects.
Businesses will be also able to access free resource efficiency audits provided by South West Water to help cut costs, with free water and energy checks available to help companies save money on their bills.
More than 1,000 jobs have already been created in Devon, Cornwall and Somerset as a result of the £7.5million in RGF investment initially secured by Plymouth University through GAIN, and later in partnership with the Plymouth and South West Peninsula City Deal.
More than 87 businesses benefited from the first three rounds of RGF funding agreed since 2011, unlocking more than £22million in private investment. More than a third of grants -ranging in value between £25,000 and £250,000 - went to manufacturing and engineering companies.
Detailed outputs of the £10million RGF investment are still being finalised but the majority of the grant will support the a new programme that builds on the success of the GAIN Growth Fund managed by Plymouth University to help support businesses to expand through targeted grants.
Monica Read, South West Water's Business Services and Sustainability Director, said:
"We're proud to be a major contributor to the regional economy and delighted to be part of a winning bid that will boost economic prospects, help other businesses to grow, and create or safeguard jobs for local people.
"As well as benefiting directly from the available funding, successful organisations will receive a free water and energy audit from South West Water, which could help them reduce consumption and save money."
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