Karen welcomed the news that there will be additional money avaiable for North Staffordshire from the Government's Regional Growth Fund. The North Staffordshire Chamber manages the the Jobs and Growth Fund Programme that provides gap funding for companies that wish to expand or invest to create sustainable jobs, where this investment would otherwise not happen due to lack of available finance.
This week the Business Minister, the Rt Hon Michael Fallon MP, wrote to Karen to tell her about the Staffordshrie Chambers of Commerce would receive more funding for jobs and growth.
Karen said:
"If you are looking to expand your business, it's well worth looking into the possiblity of a grant from the RGF. I'm pleased to hear about another succesful bid for Staffordshire".
Grant funds can be used for premises expansion, new premises, plant and machinery and infrastructure (i.e. capital expenditure) where this creates substantial new employment or safeguards jobs.
You can find out more here, and in the file below.
The chambers of commerce funding is one of eight bids for the West Midlands with a total value of £31 million. These eight awards are expected to create 4,000 jobs and leverage £200 million of private sector funds.
The RGF was launched in 2010 and is designed to stimulate enterprise by providing grants to projects and programmes with significant potential for economic growth, leveraging in private sector investment and creating or protecting jobs. It is also intended to support particular areas and communities that are currently dependent on the public sector to transition to private-sector led growth and prosperity.
There have been 427 awards across Rounds 1-5 receiving £2.9 billion of RGF support and leveraging 16 billion of private sector investment. This is expected to create 573,000 jobs over the next 10 years.