BUSINESSES in North Devon will have the chance to access £5 million of funding from the Regional Growth Fund from 2015.
The Unlocking Business Investment programme aims to boost growth across the Heart of the South West area, helping businesses to expand and create new jobs. It will fund capital projects – including plant, machinery and new and extended premises - to help businesses to grow.
North Devon+ was awarded the fund through the Regional Growth Fund (RGF), a £3.2 billion government pot, designed to help companies in England to grow.
Funding will be targeted at businesses with significant expansion plans, providing grants from £25,000 up to £1 million, which must be match funded against private and commercial sources.
Andy Lobato, North Devon+ chairman, said: "This is an exciting announcement for the area that will create sustainable employment and help to rebalance the economy.
"We are currently finalising the details of the Unlocking Business Investment programme, but we expect it to be very popular – we know that some businesses with good growth plans are finding it difficult to secure finance through traditional methods and this programme helps address that gap.
Chris Garcia, chairman of the Heart of the South West Local Enterprise Partnership, said: "There is abundant potential, vision and ambition for business growth across the area – we've got a wealth of companies across a wide variety of sectors who want to expand given the right conditions. This new programme is set to directly help businesses to unlock that potential, helping them to expand and create sustainable and long-term jobs."