October 21 2014 Latest news:
Tuesday, February 25, 2014
The man tasked with helping to handout millions of pounds of funding support to firms across Norfolk and Suffolk said the region was ahead of the game when it came to distributing regional growth fund cash.
A report by the National Audit Office said there was still a “significant” amount of money to be allocated through the regional growth fund.
The number of jobs created or safeguarded since the £2.6bn fund was set up in 2012 had increased by 22,100 to 44,400. But around half were covered by just five schemes, while the average cost for each additional job had increased from £33,000 to £37,400, said the NAO. Around £492m had now reached projects, but most of the fund remained unspent, with £425 million held by intermediaries, said the report.
Chris Dashper, head of programmes at New Anglia Local Enterprise Partnership, believed some firms are put off by the application process and monitoring, but the Lep had tried to make the process as easy as possible.
New Anglia still has to allocate a significant chunk of its own £12m Growing Business Fund, but the Lep was nevertheless one of the better performers.
He said: “We are probably ahead of the game. We have have allocated about £2.3m to projects, creating 408 jobs and we have got about another £2m in the pipeline. “We can certainly do more and we would like more applications.”
One of East Anglia’s largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.