New £2m fund aims to support ambitious Worcestershire businesses

FIRMS in Worcestershire looking to expand operations during 2016 have been urged to tap into the new £2m Worcestershire Growth Fund.

The new fund, administered by Worcestershire Local Enterprise Partnership, is available to help expanding businesses to create more jobs and boost productivity.

Grants of up to £100,000 are available although higher levels of support may be considered in exceptional circumstances.

To be eligible for funding, firms must demonstrate that their proposal will result in an increase in productivity and lead to the creation of new jobs. They will also be expected to demonstrate match funding of 50%.

Firms have until December 18 to lodge an expression of interest, after which successful applicants will be invited to submit a full business case. The LEP said the fund would run until March 2018, subject to availability.
 
The Worcestershire Growth Fund follows the success of previous programmes such as the Worcestershire Expansion Programme, which supported 22 businesses with grant funding of £2,269,693, levering £13,747,345 from the private sector and creating 225 jobs whilst safeguarding a further 99 positions.  

One of the businesses which benefitted from the previous funding round was Droitwich-based Marshall Management Services, which trades as Gateway2Lease.
 
The firm offers vehicle leasing options for cars and commercial vehicles. Available products include both Business and Personal Contract Hire, Contract Purchase and Lease Purchase.
 
Funding from the Worcestershire Expansion Programme allowed Gateway2Lease to relocate to new offices at the Rylands Business Park. The new offices are four times larger than the previous site and have provided the additional space required to create four new jobs, two part-time posts and safeguard a further 17.

Rob Marshall, Director of Gateway2Lease, said: “We have been delighted with the support we have received from the Worcestershire Expansion Programme. Our business has been growing over the past few years and needs continual investment to ensure we can manage risks, keep up with fast moving technology and also to create the new jobs required for further growth.”
 
Gary Woodman, Executive Director of the Worcestershire LEP, added: “The new Worcestershire Growth Fund will have a hugely positive impact for many expanding businesses in Worcestershire and create many jobs within the county.”
 
Further information on the Worcestershire Growth Fund is available on the Worcestershire Business Central – www.business-central.co.uk/worcestershiregrowthfund