Birmingham, Nottingham and Leicester are among the top locations in the Midlands where companies are most likely to receive funding for expansion and job creation from the Government’s flagship Regional Growth Fund, according to the latest research from Lambert Smith Hampton (LSH).
The Regional Growth Fund is a Government scheme that offers private sector businesses and public / private partnerships a minimum £1m grant to expand or relocate in areas that meet the following criteria:
• Have high unemployment
• Have a higher percentage of people employed in the public sector
• Have a relatively low number of private sector businesses per capita
• Have a low rate of private sector job growth
LSH’s research team used these criteria to compile an index of all 326 local and metropolitan districts, unitary authorities and London boroughs in England that are eligible for funding. This index then provided a breakdown of those areas which most closely meet the criteria.
Tom Leahy, Research Associate Director at LSH, said: “The Government’s hope is that businesses will be encouraged to expand in areas where there has been a loss of public sector jobs. With the news that the UK is back in recession, the expectation is that these grants will provide some of the impetus required to increase demand, kick-start development and push the UK’s economy back into positive territory.”
Ian Kibble, Head of the Midlands region at LSH added: “The Regional Growth Fund is a significant opportunity for these three Midlands centres and we encourage businesses to step forward with proposals. At a time when funding is not easy to come by, the Fund provides a real opportunity to kick-start the regional economy. Combined with other initiatives, such as the Enterprise Zone in Birmingham City Centre, this could unlock the potential of our cities.”
Geoff Gibson, Head of LSH’s Leicester office, said, “I would urge companies in the Leicester area to look at this very seriously. It’s a tremendous opportunity, and with the work we have been doing with the Local Enterprise Partnership, we are well-placed to advise new market entrants on property and locations, as well as companies looking to relocate.”
