Fuse Fund aims to give Lancs SMEs a power surge
A NEW £4m funding programme to boost small business growth in Lancashire has been launched.
The Fuse Fund is a two year, scheme backed by the Government’s Regional Growth Fund, and aims to help young businesses realise their growth potential with a grant and business support scheme.
The goal is to help create 1,000 new jobs and unlock £13m investment into the county.
Grants of between £5,000 and £50,000 will be offered by Fuse Fund, contributing a quarter of the overall cost for capital investment projects such as machinery, property improvement, building expansion and infrastructure improvement in businesses which are less than three years old.
Steve Cochrane, managing director at Regenerate Pennine Lancashire said: “Lancashire is the second largest economy in the North West, with a fantastic supply chain and great connections to cities like Manchester and Leeds.
“It’s a great place to do business, and Fuse Fund will give ambitious companies that start up here an opportunity to grow and become competitive at a much faster rate.”
To apply for funding firms will need to demonstrate that:
• They are based in or locating to Lancashire, including Blackburn with Darwen and Blackpool.
• Trading under three years
• Seeking capital investment
• Will create jobs
Priority will be given to businesses in the manufacturing, digital and creative, environmental and energy technology sectors. Projects from other sectors will also be considered, especially those which make the most of opportunities from super-fast broadband, and bids which address specific issues of urban deprivation.
The fund also aims to encourage more people to set up their own business. Within Lancashire there are 34 businesses per 1,000 population, compared to 37 nationally.
Fuse Fund is a private and public sector partnership led by Regenerate Pennine Lancashire and Lancashire Business View, with support provided by Blackburn with Darwen Borough Council.
