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Torbay launches innovative Growth Fund
An innovative £1-million fund has been launched to help existing businesses in Torbay with their expansion plans and attract new investment to the area.
Torbay Growth Fund, the first of its kind in the Heart of the South West Local Enterprise Partnership area, has been set up by Torbay Council as part of its strategy to bring new jobs to the Bay.
Applications are now being invited for financial assistance from the fund, which is open to businesses that will create jobs in Torbay. Funding can be used for various purposes including purchase of equipment, but applicants must demonstrate how the investment will help them create employment.
Torbay Mayor Gordon Oliver said: "This is a major initiative. My top priority since I came into office two years ago has been to tackle the Bay's economic plight and turn around its fortunes.
"Much has already been achieved, and this new fund, which is one of my key initiatives, will play a vital role in our economic regeneration plans.
"As a council, we need to do everything we can to encourage and assist existing businesses that wish to expand and increase their workforce.
"Alongside this, we want to show potential investors that Torbay is a great place to set up new businesses or to relocate from other parts of the UK and even further afield.
"To coin a phrase, Torbay Growth Fund will do exactly what it says on the tin, providing financial backing to enable businesses to grow, and indeed flourish, in the Bay."
The fund is being administered by the council's economic development company, Torbay Development Agency.
Chief Executive Steve Parrock said: "We will be marketing the fund to selected targets on our existing database, including those who have made enquiries to us previously about Torbay, and those local businesses who have expansion plans.
"We will also be targeting our investment contacts, both in the UK and overseas.
"We will be looking to identify other ways of promoting the fund, which will act as a catalyst for regeneration in Torbay."
For more information please email [email protected] or visit the Torbay Development Agency website at www.torbaydevelopmentagency.co.uk
Applications are now being invited for financial assistance from the fund, which is open to businesses that will create jobs in Torbay. Funding can be used for various purposes including purchase of equipment, but applicants must demonstrate how the investment will help them create employment.
Torbay Mayor Gordon Oliver said: "This is a major initiative. My top priority since I came into office two years ago has been to tackle the Bay's economic plight and turn around its fortunes.
"Much has already been achieved, and this new fund, which is one of my key initiatives, will play a vital role in our economic regeneration plans.
"As a council, we need to do everything we can to encourage and assist existing businesses that wish to expand and increase their workforce.
"Alongside this, we want to show potential investors that Torbay is a great place to set up new businesses or to relocate from other parts of the UK and even further afield.
"To coin a phrase, Torbay Growth Fund will do exactly what it says on the tin, providing financial backing to enable businesses to grow, and indeed flourish, in the Bay."
The fund is being administered by the council's economic development company, Torbay Development Agency.
Chief Executive Steve Parrock said: "We will be marketing the fund to selected targets on our existing database, including those who have made enquiries to us previously about Torbay, and those local businesses who have expansion plans.
"We will also be targeting our investment contacts, both in the UK and overseas.
"We will be looking to identify other ways of promoting the fund, which will act as a catalyst for regeneration in Torbay."
For more information please email [email protected] or visit the Torbay Development Agency website at www.torbaydevelopmentagency.co.uk
