Government funding scheme creates and safeguards 600 jobs
A government funding scheme has created and safeguarded around 600 jobs in Rugby.
Rugby Borough Council was awarded £916,716 from The Additional Restrictions Grant (ARG) project last September and sought advice from Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub to find the Rugby businesses who were in a position to turn their expansion plans into reality post-Covid.
CWLEP Growth Hub project lead Gary Thyeson and account manager Adam Plumb identified 25 businesses in Rugby, Dunchurch, Hillmorton, Stretton-under-Fosse and Ryton-on- Dunsmore ranging from the renting of boats, assembly and repair of narrowboats and commercial cleaning contractors, to a wheel hub manufacturer and vending machine supplier.
The ARG funding has led to the creation of 109 jobs and the safeguarding of a further 471, with each business receiving an average of nearly £37,000.
The grants helped towards funding a vast range of projects including refurbishing six boats, buying a five-axis cutting machine and extending a property to create office space and a training facility.
Cllr Jill Simpson-Vince the Rugby Borough Council portfolio holder for growth and investment said: “Additional Restrictions Grants were a lifeline for many of the borough’s businesses during the pandemic lockdowns, with the council distributing more than £3 million to nearly 350 businesses.
“After securing nearly £1 million from Government to distribute a further round of ARGs, we were keen to target the funding to help drive the borough’s economic recovery from the pandemic, supporting businesses with robust plans for growth.
“By calling on the expertise of CWLEP Growth Hub, we have been able to help a diverse range of businesses across the borough, supporting the purchase of new equipment and the expansion of business premises while creating and safeguarding hundreds of jobs.”
Craig Humphrey the managing director of the CWLEP Growth Hub, said: “The diversity of the micro, small and medium businesses which have been helped through this government funding scheme highlighted the real need for extra support in a post-Covid world.
“We were able to use our expertise to pin-point the businesses that would really benefit from this funding and the end result is the creation of a high number of jobs as well as safeguarding others”.