Close Brothers Regional Growth Fund cash supports 500 jobs in East Anglia

Mike Randall, chief executive of Close Brothers Asset Finance.

Mike Randall, chief executive of Close Brothers Asset Finance. - Credit: Archant

Asset finance lender Close Brothers says it has helped to create or protect nearly 500 jobs in East Anglia using funds awarded under the government-backed Regional Growth Fund (RGF).

Close Brothers has distributed a total of £30million allocated under round three of the RGF programme, of which £4.2m has gone to firms in East Anglia.

The RGF awards grants to small and medium sized businesses (SMEs) with the aim of supporting private sector investment, economic growth and job creation. Close Brothers says the funding it has distributed in East Anglia has helped to create 371 jobs and safeguarded a further 128.

Chief executive Mike Randall said: “I’m very pleased and proud to announce that we have allocated all of the funds we were awarded in round three of the RGF, helping nearly 800 SMEs across the country to achieve their goals.

“The £30m we’ve distributed has in turn created over £195m in investment, enabling small businesses to create more than 2000 jobs and to safeguard an additional 1,279 jobs.

“We’ve guided all those businesses through the application process and have witnessed first hand just how much of a positive impact an RGF grant can have. The importance the scheme is having in terms of supporting SMEs and therefore our future economic growth can’t be underestimated.”

Close Brothers was also awarded a further £40m in round five of the RGF, and it is continuing to allocate this funding.

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The size of the grant awarded is based on the level of proposed investment, the size and location of the business, and the number of full-time posts being created or retained. For every one job created or retained, a grant of up to £10,000 is awarded, up to a maximum of 20% of the proposed investment.

Mr Randall added: “With RGF funds still in the pot, we are actively encouraging more businesses to consider it as a platform for growth while these funds are still available.”

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