Entrepreneurs across the South West will benefit from the creation of a new regional growth fund worth £8.7million.
It is hoped that the money, which will be made available for key sectors including manufacturing, could help create 1,000 new jobs.
The fund was made possible thanks to the efforts of Plymouth University’s GAIN team – set up to accelerate the creation and expansion of business ideas – and a number of other regional partners.
Adrian Dawson, head of GAIN, said: “The South West Growth Fund will support ambitious businesses to achieve their growth plans, giving a boost to the whole region’s economy.”
SWMAS is another of the groups who have helped set up the fund and their management team are particularly pleased by the opportunities it will provide for manufacturers – who may sometimes struggle to attract the investment they need.
Managing director Simon Howes said: “We aim to provide the maximum possible benefit to manufacturers across the region, continuing our 13-year history of championing manufacturing in the South West.
“This scheme will deliver growth to our region and drive productivity improvements.
“Our Manufacturing Barometer, the largest online survey of England’s manufacturers, has repeatedly found that South West firms feel that they need to improve their productivity. Investment, as identified in the Summer Budget, is a key first-step, and the South West Growth Fund will enable this.”
The marine and digital industries will be among the other main beneficiaries.
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