Multi-million pound funding boost for North Devon businesses

12:00 16 April 2014

Barnstaple High Street.

Barnstaple High Street.

Archant

Project to help businesses across the South West expand to be launched next year.

BUSINESSES in North Devon and Torridge have received a £5million boost with Government funding set to ‘address the gap’ in securing finance.

The money, received through the Government’s Regional Growth Fund (RGF) will fund the Unlocking Business Investment area across the South West.

The project, due to launch next year, is being driven by North Devon + and will fund capital projects including plant, machinery and new premises to help businesses grow.

Businesses with significant expansion plans can apply for grants of between £25,000 and £1million, which must be match funded against private and commercial sources.

Andy Lobato, North Devon+ chairman, said: “This is an exciting announcement for the area that will create sustainable employment and help to rebalance the economy.

“We are currently finalising the details of the Unlocking Business Investment programme, but we expect it to be very popular.

“We know that some businesses with good growth plans are finding it difficult to secure finance through traditional methods and this programme aims to help address that gap.”

North Devon and Torridge District Councils helped to develop the project, with both council leaders saying the funding is ‘great news’ for the area.

Councillor Brian Greenslade, leader of NDC, said: ““This is great news for our part of Devon and shows why North Devon Council is right to continue supporting North Devon+. Economic growth is one of the council’s key priorities and as such, we’re keen to see potential investment opportunities supported.”

Philip Collins, leader of TDC, added: “Torridge supports North Devon+ and the work they undertake towards improving our economy.

“They have been successful over the years in obtaining grants and managing grants for the area.

“I am delighted that they have again been successful in being able to get this grant - it will be another useful tool to support our economy, well done North Devon + staff.”

The project was also developed in partnership with Plymouth University and supported by the Heart of the West Local Enterprise Partnership.

Chris Garcia, chairman of the Heart of the South West Local Enterprise Partnership, added: “There is abundant potential, vision and ambition for business growth across the area – we’ve got a wealth of companies across a wide variety of sectors who want to expand given the right conditions.

“This new programme is set to directly help businesses to unlock that potential, helping them to expand and create sustainable and long-term jobs.”

The programme will not be launched until 2015, but interested parties are asked to register their interest in advance by emailing info@northdevonplus.co.uk.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other North Devon Gazette visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by North Devon Gazette staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique North Devon Gazette account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Other News Stories

Yesterday, 20:56
Penelope Keith chats to Phyllis Ackland during Combe Martin's Hunting of the Earl of Rone parade.

Actress mingles with the crowd’s to enjoy Whitsun bank holiday spectacle for her new television series.

Read more
Friday, May 22, 2015
Chancellor George Osborne laid out his plan for the South West at Appledore Shipyard on Friday. Picture: Jasmine Little

George Osborne made the pledge during a speech at Appledore Shipyard this morning (Friday)

Read more
Friday, May 22, 2015
The submerged car in Appledore. Picture: Andy Willterton.

Coastguard and a local tractor driver attempted to rescue the vehicle yesterday (Thursday) which is still stuck in the sand.

Read more
Friday, May 22, 2015
Caravans moved onto Barnstaple's Rock Park earlier  this evening (Wednesday).

Enforcement officers called off as encampment vacates Rock Park.

Read more
Friday, May 22, 2015
Unveiling the Conservative six point plan for the South West.

The Chancellor is paying a visit to Appledore Shipyard this morning (Friday) to announce, among other things, improvements to A361 Link Road.

Read more
Friday, May 22, 2015
The Hobby Horse

From agriculture shows and food fairs to railway shows and picnics - there is loads to do in North Devon this bank holiday weekend.

Read more
Friday, May 22, 2015
Russell Cheesman, who was found dead in Bideford on Sunday, October 26.

Russell Cheesman, 32, was found dead near Bideford skate park having taken a number of drugs and drinking alcohol.

Read more
Thursday, May 21, 2015
New North Devon Council deputy leader Pat Barker and leader Des Brailey.

Annual meeting sees the formation of a new Conservative led administration

Read more
Thursday, May 21, 2015
The inquest was held at Bideford Town Hall this morning (Thursday).

Julian Renouf, 37, died in April last year during a ‘tragic accident’ after fishing vessel overturned, trapping him underneath.

Read more
Thursday, May 21, 2015
Westward Ho! Picture: Stephen Ring

Double header for Westward Ho! with a coveted Blue Flag plus Seaside Award, but others receive a share of the spoils too...

Read more

Local Weather

Overcast

Overcast

max temp: 15°C

min temp: 5°C

Most Read News

Great British Life


Great British Life
Advertise in the paper
Submit a Story
Subscribe to the paper
Competitions
North Devon Football League
Order Photos
Family notices
iwitness24
Facebook
Twitter
Google Plus Page
Family Notices 24

Digital Edition

Image
Read the North Devon Gazette e-edition today E-edition



North Devon's trusted business finder