New Anglia LEP Growth Hub has helped more than 3,000 businesses in its first year
PUBLISHED: 09:40 28 May 2015 | UPDATED: 10:26 28 May 2015
New Anglia Growth Hub has beaten its target of providing support for 3,000 businesses in its first year.
Cash kick-starts growth vision
A Loddon-based components manufacturer is bolstering its workforce and expanding its factory after receiving a cash injection from the New Anglia Local Enterprise Partnership.
Continental Product Engineering has secured a £130,000 grant from the Growing Business Fund, and has claimed back £90,000 from the HMRC under the government’s R&D relief scheme, to accelerate its growth plans.
The firm – which specialises in the gas industry – will use the grant money with its own private funds to kick-start the extension project and add 15 staff to its 70-strong team.
The hub, delivered on behalf of the New Anglia local enterprise partnership (LEP) and funded through the government’s Regional Growth Fund, offers firms across Norfolk and Suffolk access to free, face-to-face support from a team of 10 business growth advisers,
It was launched at the Suffolk Show last year and will celebrate its first anniversary today on the second day of this year’s show.
In addition, the LEP’s flagship Growing Business Fund, which provides grants of up to £500,000 for companies to expand and grow, has so far awarded grants to 93 businesses in Suffolk and Norfolk and is set to create 1,173 jobs.
New Anglia LEP chairman Mark Pendlington said: “From the budding entrepreneur with the spark of a great idea to established enterprises looking to invest and develop their business, our growth hub puts expert advisers on the ground to give bespoke support on everything from grant funding and broadband vouchers to tax rebates and sector specific guidance.
“Over 3,000 businesses have engaged with the service in just one year, which just shows what a vital service this is for SMEs, who are the lifeblood of our growing and vibrant economy.
“This is a great start, but just the beginning of what we can achieve in the future.”
Besides its network of growth advisers, the hub also operates an online information portal and telephone helpline, provides support to businesses in accessing faster broadband and acts as a first point of contact for grant applications.
In engaging with more than 3,000 businesses during its first 12 months, the hub has provided more than 10,000 hours of face-to-face support.
It has also made nearly 2,000 referrals to other support providers including national organisations such as UK Trade & Investment, the Manufacturing Advisory Service and Growth Accelerator as well as more than 60 local bodies including Eastern Enterprise Hub, Menta, Nwes and Innovation Martlesham.
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