Businesses in Warwickshire and Coventry are to receive a bit of a boost this week with the news that the region will be awarded £4.8 million from a national funding initiative. There are reports that this could create anything up to 1,000 jobs as well as leveraging nearly £42 million into the area. This is a big boost for many businesses, and a whole range of sectors look set to benefit.
The Coventry and Warwickshire Local Enterprise Partnership (LEP) Board has approved ten applications for projects to receive grants from the Government’s Growing Places (GPR2) funding scheme. This includes projects in design and marketing, manufacturing and more, all of which will benefit from the increased funding they have been awarded.
Sir Peter Rigby, chair of the CWLEP, has commented that the standard of applications has been extremely high, making the Board’s life difficult in the best possible way; “The £4.8 million in grants will leverage nearly £42 million in private investment by the ten companies, which is a massive show of faith in the skills of the workforce and the region’s long term growth plans.”
“As well as creating over 1,000 jobs, the GPR2 funding will safeguard a further 300 jobs in Coventry and Warwickshire. This funding will kick start a number of initiatives to boost jobs and create economic growth sooner rather than later and the projects will be started as soon as possible. There companies very much represent the best of our engineering and manufacturing capabilities.”
If you think your business could benefit from increased funding, it’s worth checking out the government initiatives which are on the go at the moment, especially if you want to get an innovative project off the ground. If you’re in need of more every day funding, however, invoice finance or alternative finance options could be something worth exploring.