More than 1,000 new jobs will be created in the South West, thanks to an £8.7 million fund to support the region's most ambitious businesses.
Supported by the Government's Regional Growth Fund, the South West Growth Fund was secured by Plymouth University's GAIN team, SWMAS Ltd, South West Water Business Services and the Western Morning News. It will support transformational projects in businesses, primarily in manufacturing, marine and digital industries and is set to unlock £22 million in private investment.
Grants of up to £1 million are now available to high growth businesses across the region, from Gloucestershire, Wiltshire and Dorset in the east, down to the tip of Cornwall and the Isles of Scilly in the West.
Successful businesses will also receive free water and energy audits provided by South West Water Business Services as a continuation of their mission to help regional businesses be more efficient.
The South West Growth Fund is the latest round of RGF funding to have been secured for the South West by GAIN and regional partners. Together the funds have made more than 90 grants totalling over £7.5million to South West companies, supporting the creation of more than 1,000 new jobs and unlocking investment of over £30million.
Adrian Dawson, Head of GAIN, said:
"The South West Growth Fund will support ambitious businesses to achieve their growth plans, giving a boost to the whole region's economy. The fund directly responds to the productivity challenge we are facing in the South West by enabling innovative ideas to come to fruition.”
"With the previous RGF programme having to close early because it was over-subscribed, we are delighted to secure this latest round of Government investment for the South West. Working with South West Water Business Services, SWMAS Ltd and the Western Morning News, we look forward to building on our track record of enabling businesses to expand, creating over 1,000 high quality new jobs for our region."
In the past three years, through its multiple business support programmes, SWMAS Ltd has provided in-depth support to almost 2,000 companies, launching over 250 new products and creating nearly 4000 jobs in the South West. Simon Howes, Managing Director of SWMAS Ltd, said its team would help firms to specify, install and embed new equipment and to exploit new technology.
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 more businesses to grow, and create or safeguard jobs for local people."
South West Water Business Services is the dedicated service for commercial customers in South West Water's region - since 2011 SWWBS has helped commercial customers save over £3 million on their water and wastewater bills.
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