The New Anglia Local Enterprise Partnership (LEP) is calling for SMEs in Suffolk and Norfolk who want to grow their business to apply for a share of its £12 million Growing Business Fund, supported by the Government’s Regional Growth Fund.
The fund provides grants of up to 20%, between £25,000 and £500,000 (previously £100,000 limit) to businesses that have a shortfall in their investment plan and are able to create at least one job for every £10,000 provided by the fund. The upper limit of grant is currently under review and will be available shortly.
The scheme is aimed primarily at businesses within Energy, Advanced Manufacturing, Health/Life Sciences and Biotechnology, ICT and the Digital Creative sectors.
Chris Dashper, Growing Places Fund Programme Manager, said: “We’re delighted to be able to offer this scheme to Suffolk and Norfolk businesses that are short on finance and need a cash injection.
“We are looking for businesses to apply now, because the money must be spent by March 2015, so there is a relatively short window of opportunity to take advantage of the fund. There are a number of criteria; it is not for start-ups, businesses must create at least one job for every £10,000 funding provided and they must secure 80% match funding.”
In order to help manage the scheme and the increasing interest from businesses, New Anglia has appointed Nataliya Klymko as Growing Business Fund Co-ordinator. Nataliya previously worked in the Economic Development Department at Norfolk County Council and offers broad experience of working for businesses overseas, and with both Governmental and Non-Governmental Organisations.
Nataliya commented: “The Growing Business Fund represents an incredible opportunity for SMEs to grow and develop in the current climate, where finance from other sources is hard to find. My aim is to ensure that we allocate all the funding to qualifying businesses within the allotted time and ensure the smooth running of the programme.”
Thirteen businesses have so far benefitted from the Growing Business Fund. One of these is Omega Ingredients.
Based in Great Blakenham, in Suffolk, Omega Ingredients is an award-winning creator of specialist natural flavours, fragrances and ingredients for manufacturers of food, beverages and cosmetics products worldwide.
Owner Steve Pearce said: “We applied for the funding to assist with our marketing, in-house technical expertise and to bring in some new specialist equipment that would enable us to offer an even more innovative selection of products to our growing customer base.
“We secured £30k from the fund and this has enabled us to purchase a machine that separates flavours and mixtures and identifies components, plus a spray drier that takes a liquid flavour and turns it into a powder.
“We have also used the funding for marketing for our USA launch. This is a new and very competitive market for us, so it requires a great deal of investment to get it off the ground and establish us there.
“As part of the funding we had to create some new positions within the business and we wanted to appoint some top professionals to drive Omega forward. We have taken on a Senior Flavourist, a Sales Manager, a Technical Manager, Sales Assistant and Warehouse Trainee.
“The Growing Business Fund has really enabled us to expand, tackle new markets and boost our in-house expertise, so we are delighted that New Anglia has been able to help us in this way.”
For further information contact [email protected], or go to http://www.newanglia.co.uk/Activities/Growing-Business-Fund
