Jobs and Growth Fund Programme boosting business in Staffordshire
A BUSINESS development scheme funded through the Government’s Regional Growth Fund is having a positive impact in Staffordshire, the county’s chamber of commerce has said.
The Jobs and Growth Fund Programme, which is delivered through the Staffordshire Chambers of Commerce, has helped a number of businesses secure the capital they need to grow.
The chamber said the programme was fundamental in strengthening both local industry and local economy. By providing gap funding to SMEs where investment would not otherwise be offered, it said businesses were receiving important help to develop and grow.
The funding is used in a variety of ways such as premises expansion, new premises, plant and machinery investment, or infrastructure.
Matt Hustwit, Jobs and Growth Fund Programme Manager, said: “The programme is proving to be a real support to local businesses. RGF funding is fostering business growth and development across the region, and substantial positive results can already be seen.
“So far, we have offered £2.3m in grants, which in turn has generated £18.3m of private sector investment. We’ve also been successful in helping companies to create a potential 673 jobs within the region, and safeguarded a further 159, meaning that 832 jobs have been secured thanks to the programme.”
One business to have benefited is Burton-upon-Trent based Supreme Surface Treatment Engineering, which has expanded after investing funds from the programme.
Manager Peter Gillett said: “Our turnover has been increasing to the point where we are operating at full capacity within our existing factory, and have orders which we cannot accommodate.
“We wanted to continue our expansion, but there was a shortfall in cash flow. I found a reference to the RGF on the chamber website, and made contact with Matt who then helped me to put together an application for grant funding for an expansion project. Without the RGF we wouldn’t have been able to make these bold moves for several years. As it stands, we are buying the building imminently.”
Hustwit said success stories like this illustrated just what an impact RGF funding was having.
“Having that extra financial support gives businesses the boost they need to expand, which in turn is helping to secure a sustainable future for Staffordshire’s economy,” he said.
