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East Midlands Launches £8.1m Fund To Boost Business Growth

Prime Highlights-

  • Business Investment Fund could support around 500 East Midlands companies and unlock £19 million in extra investment over four years.
  • Grants will help businesses upgrade machinery, technology and energy-saving measures through two dedicated funding strands for SMEs.

Key Facts-

  • Claire Ward unveils new £8.1 million fund for East Midlands businesses.
  • Fund forms part of the region’s wider £107 million Local Growth Fund.

Background-

Businesses in Chesterfield and across Derbyshire, Derby, Nottingham and Nottinghamshire can soon access a new £8.1 million fund to invest in equipment, technology and energy-saving measures. Mayor of the East Midlands Claire Ward has committed the funding to help companies invest, grow and become more productive over the next four years.

The Business Investment Fund could support around 500 businesses over its lifetime and unlock an additional £19 million in business investment, according to the East Midlands Combined County Authority.

Ward said businesses across the region are working through a challenging economic climate, and while many have ambitious growth plans, the costs and risks involved can make investment decisions harder.

She said the fund aims to make investment less risky and give businesses greater confidence to upgrade equipment, technology and energy-saving measures that strengthen productivity and long-term competitiveness. She added that supporting businesses now would help create and safeguard jobs, attract further private investment and build a stronger regional economy.

The programme offers two funding strands for small and medium-sized enterprises. The Business Growth and Productivity Grant will support investment in machinery, equipment, technology and expansion projects, while the Business Energy Saving Grant will help businesses adopt energy efficiency measures and lower-carbon technologies. Grant recipients will also receive wider advice and support to plan for long-term growth.

The fund forms part of the Combined County Authority’s £107 million Local Growth Fund and will launch through the Growth Hub website and other regional support channels.