Published on 19 May 2015
North Devon+ has announced the first seven businesses to receive awards totalling almost £430,000 under its Unlocking Business Investment programme today.
The £5million scheme, open to businesses across Devon, Plymouth, Somerset and Torbay provides grants of between £25,000 and £499,000 to businesses with firm plans for expansion, who just need to unlock the finance to make it happen.
The successful companies coming from across the Heart of the South West area include Alderman Tooling Ltd (Plymouth), Blugem Communications Ltd (Barnstaple), EPS Services & Tooling Ltd (Wiveliscombe), The Eurotech Group plc (Exmouth), Jasun Envirocare plc (Bridgwater), Moo Free Ltd (Holsworthy) and SWM & Waste Recycling Ltd (South Molton).
The grants can be used to fund capital projects such as purchasing plant machinery and extending existing premises and must be match funded against private and commercial sources.
Amongst this round of successful businesses, funding will be used to invest in the expansion of a food production site and a variety of new machinery to facilitate pressed metal and tool-making, circuit board manufacture, waste sorting, filtration and telecoms.
North Devon+ was awarded the fund in September last year having developed the Unlocking Business Investment programme in partnership with Plymouth University’s GAIN Team, North Devon Council and Torridge District Councils.
Supported by the Heart of the West Local Enterprise Partnership and funded through the Government’s Regional Growth Fund, the scheme is designed to animate private sector investment to create economic growth and sustainable jobs.
Andy Lobato, North Devon+ Chair, said:
“North Devon+ is extremely pleased to be able to announce the first successful recipients to come through the scheme. It is always an exciting moment when all the planning and hard work that goes into creating, bidding for and running funding schemes has come together and we see the money go to the businesses who need it.We look forward to receiving more applications and supporting businesses in the south west to secure the finance to expand.”
Chris Garcia, Chief Executive of the Heart of the South West Local Enterprise Partnership, said:
“We know many businesses throughout our area have the ambition and potential to expand,
still more have advanced plans but find it difficult to access sufficient finance through traditional sources. These companies operate right across our economy and can make a significant contribution through improved productivity, increased exports, and job creation. We are pleased to see these first companies being helped to realise their potential from this support."
The Unlocking Business Investment programme is open to businesses now.
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