East Anglia: Business Secretary Vince Cable launches £3m ‘Growing Business Fund’

Business Secretary Vince Cable

Business Secretary Vince Cable - Credit: PA

BUSINESS Secretary Vince Cable said today firms in Suffolk and Norfolk would “now get the helping hand they need” as he launched a £3million business growth fund.

During a visit to Norfolk today, Dr Cable officially launched the New Anglia Local Enterprise Partnership’s “Growing Business Fund”, which will provide grants to firms that are looking to grow and take on staff.

The fund will provide grants of up to 20%, between £25,000 and £100,000, to businesses that have a shortfall in their investment plan and are able to create at least one job for every £10,000 provided by the fund.

Dr Cable launched the fund at Redpack in Norwich, a company which hopes to benefit from the new fund and expand its existing operations in the city.

He said: “A lack of finance is one of the biggest barriers facing firms that want to grow. The government is already taking big steps to help companies bridge that gap and now, thanks to this new fund, businesses across East Anglia will get that helping hand they need.

“Through programmes like the New Anglia ‘Growing Business Fund’, the Government’s Regional Growth Fund has supported around 1,200 small and medium sized companies across the country, helping them create jobs, increase skills and grow their business.”

Andy Wood, chairman of the New Anglia LEP, said: “The Growing Business Fund will provide a real boost for businesses in Norfolk and Suffolk.

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“Many companies are struggling to secure the investment they need to grow. The Growing Business Fund will make a significant difference in helping to unlock finance for companies with ambitions to create jobs.

“I’m delighted that the Secretary of State has had the opportunity to visit Norfolk and see at first hand some exciting, innovative companies and we hope Redpack will secure the funds they need, through the Growing Business Fund.”

The Growing Business Fund is targeted at small and medium-sized businesses in the “Greater Ipswich” and “Greater Norwich” areas, together with the Waveney and Great Yarmouth districts.

Full details on eligibility and how to apply for a Growing Business Fund grant can be found online at www.newanglia.co.uk/Activities/Growing-Business-Fund .