Plymouth University /MIP
Plymouth University and SWMAS Ltd have secured funding from Round 6 of the Regional Growth Fund to launch a new grant scheme aimed at South West businesses looking to expand. The scheme will be similar to previous funds delivered by Plymouth University (such as the GGF+ (City Deal) Growth Fund and the Unlocking Business Investment fund) and is expected to go live in the second half of 2015.
Specific details are yet to be announced; however the funding is expected to support two main programmes:
- Plymouth University will provide business growth funding with the aim of job creation and increased private sector investment across the South West, supported by a new free-to-access support programme to maximise the impact of grant funding.
- The Manufacturing Investment Programme will focus on manufacturing across the South West, providing manufacturers with access to funding for high-tech capital investments and training. Successful applicants will also have access to specialist technical support to help embed new technologies.
TBC but expected to be similar to Plymouth University’s previous grant schemes:
Funding should be used for capital investment projects, with potentially a minor allowance for some research & development or training funding. Priority is likely to be given if you can show value for money by providing funding from other sources. On average businesses will probably need to provide around £65 to every £35 granted, and the intervention rate of £ per job role created is likely to be £10,000 - £15,000 of grant funding per sustainable job role.