£6m fund for steel communities launched
UK Steel Enterprise has launched a new £6m scheme aimed at driving growth in England’s steel regions.
The newly launched Equity Growth Fund has been backed by the Government’s Regional Growth Fund.
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 West Cumbria, South Yorkshire, Humberside, Tees Valley, Derwentside, The Black Country, Stoke-on-Trent, Chesterfield, Worksop and Corby.
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.
He 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.”
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.
