Final call for LEP Devon ERDF fund
Released On 4th Oct 2022
Deadline approaches for local businesses to apply for Somerset grant scheme
Deadline for businesses in Devon, Plymouth, Somerset and Torbay to apply for 40% match funding up to £150,000 through the Heart of the Southwest LEP inward investment scheme is Friday 21st October 2022.
The grant scheme invites foreign-owned businesses investing in the area to apply for funds to support business growth projects, boosting the regions' economy. The fund is also open to foreign-owned companies looking to relocate to the Heart of the Southwest region. The scheme is intended to support inward investment and develop new high-value job opportunities in the region.
The funding for the scheme is from the European Regional Development Fund, part of the European Structural and Investment Funds Growth Programme (2014-2020). It was announced in May 2022 that the Devon and Somerset inward investment grant scheme had received an additional £450,000 funding boost to support business growth. On Friday 21st October, applications for this scheme will come to an end.
Karl Tucker, Chair of the Heart of the Southwest LEP, said: "Local businesses who fit the criteria to apply for the scheme can receive vital project support, enhancing the area's economy and providing growth opportunities for their business.
"The Heart of the Southwest LEP have already approved a number of applications for this scheme and are looking forward to allocating funding to more local businesses before the deadline."
Those amongst the businesses who have had successful applications include Vexcolt, seen as one of the leading manufacturers of movement and expansion joints. They received £37,000 to support an automation project through the grant scheme which required a large investment in machinery.
Susan Wolfe, Managing Director at Vexcolt, said: "Applying for the European Union Regional Development scheme grant was very straightforward and user friendly. The grant has dramatically improved our productivity and competitiveness and is targeted to return an increase of 35% in our productive capacity and a minimum 10% labour productivity gain within 12 months of its completion. In addition, production equipment plans outside the remit of this project aim to increase productivity by a further 15% over the following two years, and we will need to recruit more highly skilled operatives to support the increased sales. We are delighted to have benefited from this grant and recommend that other foreign-owned businesses find out more.”
Those who are eligible to apply are being urged to contact Sarah Brady via email at sbrady@somerset.gov.uk before the application deadline on Friday 21st October, for the chance to secure funding for their business.
You can find out more about the inward investment grant scheme, here: https://heartofswlep.co.uk/erdf-inward-investment-scheme/
