Norwich MP welcomes £3m for business growth grants
12:10 19 October 2012
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A £3m grant to create a regional growth fund has been welcomed by a Norwich MP.
Chloe Smith, the member for Norwich North, previously backed New Anglia LEP’s bid for the funds by writing to Lord Heseltine in support.
The New Anglia Business Growth Fund will create around 500 jobs by offering business growth grants of between £25,000 and £100,000 to SMEs in Norwich, Ipswich, Great Yarmouth and Waveney.
They will be targeted at five growth sectors – advanced manufacturing, energy, ICT, life sciences, and digital creative – but no sectors will be excluded.
Grants, allocated by a panel, will fund up to 20pc of the value of the expansion project.
Miss Smith said: “People can benefit from help to go ahead in business projects without being so dependent on banks, and with every chance to grow and take people on in jobs.
“I think the Local Enterprise Partnership has shown its worth in being able to win this competition for Norwich.”