University business support programme turbocharges small firms

A programme of business support has seen Lancaster University work with around 700 small firms (SMEs) and help inject almost £500m into the regional economy.

An independent assessment of the 12 European Structural and Investment Funds (ESIF) projects currently being led or supported by the university confirmed 900 full-time jobs had also been created or protected in Lancashire and Cumbria as a result.

The analysis by independent economic development consultancy Ekosgen saw 190 businesses surveyed to assess the impact the support they had received had had on their organisation.

Dion Williams, director of research, enterprise and innovation at Lancaster University, said: “These results are unprecedented and really show the return on investment from investing in projects which help grow our economy, in line with the UK’s Industrial Strategy.

“For a relatively low initial investment you can see the huge difference it makes when SMEs get the support they need to develop and grow their business. Added to that is the fact that SMEs make up 99.7% of all business in Lancashire, which means that growth in this area has a major impact on employment in our region.

“We brought in Ekosgen to provide us with an accurate and independent assessment of our work to date, as we have other projects coming on line and wanted to ensure what we were offering was fit for purpose and gave appropriate value for the beneficiaries and for the funders.

“While we always felt we were taking the right approach, we were delighted to see some of the results which came out of the report.”

He added: “We’ve always been a civic university and supporting business and the local economy is extremely important for us. For an institution the size of Lancaster, we are well ahead of the game in this area.”

The report found that for every pound of the £27.5m invested by European Structural and Investment Funds in the various projects, the beneficiaries received £18 of value.

Remarkably, this is forecast to rise to £28 – or £770m value added – by the time the programme completes.

Of all those surveyed, 99% also said they felt the projects they were involved with were appropriately delivered.

Prof Dame Sue Black, pro-vice chancellor for engagement at Lancaster University, said: “Earlier this year, Lancaster University chose to sign up to the Civic Universities Agreement, recognising its roles and responsibilities as an anchor institution in the region.

“The outcomes from the ESIF projects are remarkable and evidences the value that a strong university can play in local and regional development.”