£3.5m bid to Regional Growth Fund
Published Wednesday, 18th July 2012
Warrington & Co is eagerly awaiting the outcome of its bid for £3.5m to support local SMEs in the science and engineering sectors.
If successful, the three-year programme will be managed directly by Warrington & Co, the local urban regeneration partnership.
The decision from the Independent Advisory Panel, chaired by Lord Heseltine, will be announced in the autumn.
The fund will be set up to help science and engineering companies with up to 50 employees, to apply for a grant to fund a capital project or training programme. Any funding awarded will be conditional on projects creating new jobs.
Grants will be available to fund up to 20% of a capital project or 80% for training programmes.
Peter Crompton, Chairman of Warrington & Co commented: “The science and engineering industry sectors are a significant part of Warrington ’s business base. Warrington & Co is keen to ensure the companies operating in these sectors are given as much help as possible to innovate, upskill and grow.
“The Regional Growth Fund provides an excellent opportunity to help achieve this. If successful our bid will deliver a 3-year programme that will see £3.5 million being injected into the Warrington local economy, helping to secure 300 new jobs.”
In total 409 projects, which altogether have bid for £2.68 billion, will now be assessed by the Independent Advisory Panel, chaired by Lord Heseltine, over the summer. The panel will then make recommendations to a Ministerial Group, led by Deputy Prime Minister Nick Clegg that will make the final decisions as to which proposals should receive funding.
There was a strong regional spread across England with the most bids coming from the North West region, which bid for 13% of the funding.