Worcestershire County Council is managing the Worcestershire Expansion Programme in partnership with the Worcestershire Local Enterprise Partnership (WLEP). The programme which will run from April 2014 to March 2015 is anticipated to lever in £7.5 million private investment and create and safeguard 180 jobs.
Simon Geraghty Deputy Leader and Cabinet Member for Economy, Skills and Infrastructure and WLEP Board member, said:
‘This new money will be a major boost for Worcestershire businesses, particularly those who seek significant levels of investment. The £2.5 million boost to local business will not only safeguard, but create jobs, keeping Worcestershire ‘Open for Business.”
Peter Pawsey – Chair of the Worcestershire Local Enterprise Partnership, said:
‘The Worcestershire Expansion Programme will be essential to the Worcestershire LEP’s vision of economic growth by providing the finance for companies to realise their growth potential, create and safeguard jobs and contribute to the development of key sectors in the Worcestershire economy’.
Key benefits for businesses:
The Worcestershire Expansion Programme is designed to enable companies to realise their growth potential by offering funding for expansion, capital equipment purchase, support for training and research and development to help companies in the County to strengthen their position in the market.
It is forecast that this investment will create and safeguard 180 jobs in the County by March 2016, contributing significantly to increased productivity and growth. Grants are available from £20,000 to up to £1million.
Eligibility criteria:
The fund will be available to private sector organisations within Worcestershire.
The project is primarily focused on small and medium sized enterprises that are able to secure private sector leverage.
The programme will target the key Worcestershire LEP sectors of Advanced Manufacturing, Defence and Cyber Security, Food Production, and Environmental Technology, although other sectors will also be eligible
The following are the types of activity that are most likely to be supported:
Undertaking a physical expansion; and/or
Buying capital equipment; and/or
Training their workforce; and/or
Undertaking a Research & Development related project
The project must generate new employment opportunities based in Worcestershire.
All projects need to comply with state aid regulations. The Regulations give more details about geographical coverage, sectoral restrictions and eligibility in terms of type and size of organisations as well as costs.
Grants will be available from £20,000 up to £1m in exceptional circumstances.
The applicant cannot undertake more than one project under the scheme in a three year period.
Only projects that generate employment before March 2015 will be eligible for funding,
Each project will be subject to full due diligence to be arranged by the applicant.
The first round is now open for applications and closes on 13th June 2014.
