Green tech firms set for £75m support package to secure growth
HUNDREDS of firms across the West Midlands involved in the green tech economy could be set for a windfall after the Government agreed to release £20m in funding to help with their growth.
The money is part of the third round of payouts awarded through the Regional Growth Fund and has been allocated to the Greater Birmingham and Solihull Local Enterprise Partnership to administer on behalf of the region.
The application for the funding was made on behalf of the region’s LEPs and will benefit companies located in a geographic area similar to the old boundaries used by regional development agency Advantage West Midlands.
It is thought the funding scheme, dubbed Green Bridge, could be topped up to around £75m by the time contributions from the various local authorities and private sector is factored in.
The settlement announced by the Government said the money would be used for “a programme to strengthen and develop supply chain SMEs with a focus on, but not limited to, the green economy”.
Paul Heaven, GBSLEP board director with responsibility for access to finance, said: “Green Bridge will provide an investment package of grants, promoting the green economy across a variety of sectors right across the West Midlands.
“Subject to due diligence, the programme will target the SME supply chain and provide support for them to exploit and utilise environmental technologies to grow their businesses.
“Additionally, we are pleased to see the successful business bids that have been selected for support in and around the LEP and we will be working with those who have not been successful to see what we can do to help them from alternative sources.”
Companies appealing for funding, who will be in line for payouts of between £20,000 and £100,000, have to be operating in the low carbon/green tech economy supply chain in order to be eligible for support.
The sectors targeted for help are mainly manufacturing and construction but not exclusively. If a firm can demonstrate its business case supports the criteria or will help to protect or create jobs then its application may be considered.
It is thought the programme will operate along similar lines to the £125m Advanced Manufacturing Supply Chain initiative which the Government announced last year. This scheme, which targets the automotive industry, is being delivered by the four LEPs where Jaguar Land Rover has a presence – Greater Birmingham and Solihull, the Black Country, Coventry & Warwickshire and Liverpool – and loans are being administered through Finance Birmingham.
Full details of the delivery body for the latest initiative have yet to be determined but the various LEPs involved will be mounting a campaign in due course to make firms in their areas aware that the new funding is available.
The West Midlands was the largest single area to benefit from the latest RGF payout with £124m out of a total £571m being awarded to the region.
The funding, which is set to pave the way for around £1,300m of investment from the private sector, is split between 16 projects and is set to either create or safeguard almost 44,000 jobs.
