Worcestershire’s expanding businesses are being encouraged to submit their application for the fourth round of Worcestershire Growth Fund, before the 13 April 2017 deadline.
The programme is designed to enable companies to realise their growth potential by offering capital based funding to help companies to innovate, generate employment and strengthen their position in the market.
Grants from £20,000 up to £100,000 are available and successful applications must result in increased business productivity, generate new and sustainable jobs based in Worcestershire, provide match funding of at least 50% and comply with State Aid regulations.
One of the businesses who have benefited from a previous round of the fund is Redditch-based AlloyGator, manufacturers of durable alloy wheel protection systems. Investment from the Worcestershire Growth Fund has allowed AlloyGator to purchase equipment for producing new larger protection systems, which has enabled the company to secure large customer contracts in Japan, the United States and other countries.
AlloyGator invested a total of £41,005 as part of the scheme and this was matched through grant funding of another £41,005 from the Worcestershire Growth Fund. As a result of the investment, AlloyGator are now predicting higher growth for the company and have also created 4 new jobs in the local area.
David Harvey, Director of AlloyGator, said: “The support from the Worcestershire Growth Fund has allowed us to invest in the equipment that we needed to manufacture new products and meet demand from our rapidly expanding global customer base. The development of new products has made it possible for us to secure significant customer contracts in a number of new territories including the USA, Sweden and Japan and the increase in demand and revenue has resulted in the creation of new jobs for local people at our headquarters in Redditch.”
Gary Woodman, Chief Executive of Worcestershire Local Enterprise Partnership, added: “It is great to see that businesses like AlloyGator have been able to benefit from the Worcestershire Growth Fund as these creative and innovative companies play a significant role in helping to grow the local economy. Worcestershire already benefits from having a number of expanding businesses that are able to export their products and services globally and, with this Growth Fund investment, AlloyGator have been able to expand their international customer base which is great news for our local economy.”
Cllr Dr Ken Pollock, Cabinet Member with Responsibility for Economy, Skills and Infrastructure, at Worcestershire County Council, added: “I am delighted that AlloyGator have been able to grow their business and invest in new cutting edge equipment as a result of the Worcestershire Growth Fund. AlloyGator are just one of the many innovative manufacturing businesses that we already have located in the county and the continued expansion of our advanced manufacturing sector is making a really positive contribution to our local economy.”
Worcestershire Growth Fund fourth round is open for full applications until 13 April 2017. All projects must be implemented by March 2018. Successful applicants will be notified of decisions by 2 June 2017.
The fourth round of Worcestershire Growth Fund follows the success of previous funding rounds which supported 25 businesses with grant funding of £1.6m levering £2.28m from the private sector and creating over 200 jobs.
For all programme information, guidance notes and details of how to apply, visit www.business-central.co.uk/worcestershire-growth-fund or contact Worcestershire Business Central by phoning 01905 677 888 or emailing email@example.com.