19-10-12: Ministers approve £3.9 million business growth fund bid
Fresh cash injection for pioneering fund
Ministers have confirmed that a bid to the Regional Growth Fund (RGF) from Plymouth University and regional newspaper the Western Morning News to deliver grant funding to small and medium sized businesses has been successful.
The new fund is expected to create almost 500 jobs in Cornwall, Devon and Somerset, including 323 directly, and a further 166 in the supply chain. It is anticipated that around 75 local businesses will be supported with grants of between £25,000 and £125,000.
The bid follows the huge success of the previous Plymouth University and Western Morning News Growth Fund (PWGF), which was awarded £1 million of RGF funding in August last year. This has already creating a total of 80 new jobs - smashing the target of 50 by 60%, working invested in 20 businesses across Cornwall and Devon and attracting £1.3 million of private match funding.
Professor Wendy Purcell, Vice-Chancellor and Chief Executive of Plymouth University, said: "We are absolutely delighted to help drive economic growth in the far South West following the success of our first Regional Growth Fund programme. It clearly marks out our distinctive position within higher education nationally in being a catalyst for economic development, and connecting our world class research strengths with the regional economy. It also reaffirms our nomination for the Times Higher Education award as University of the Year, and for the third year running Entrepreneurial University of the Year which is unparalleled".
The PWGF is also a key component of GAIN, the Growth Acceleration and Investment Network set up by Plymouth University, Plymouth City Council and the Tamar Science Park to drive business growth and job creation across the South West.
Professor Julian Beer, Pro Vice-Chancellor for Regional Enterprise at Plymouth University, said: "This is fantastic news for the region's economy and a huge vote of confidence in what we have already achieved with the first round of RGF investment. This multi-million pound award means we can continue the great work we are doing as a University and through GAIN to create a culture of enterprise in the South West. Ministers have been very impressed with the number of jobs we have created and know that through GAIN and the Western Morning News we have the channels to get to businesses seeking to grow."
Bill Martin, Editor of the Western Morning News, said: "I'm delighted that the government has recognised the success of our partnership with Plymouth University over the last 12 months and has made available further funding that will make a significant impact on job creation in Cornwall, Devon and Somerset."
Expressions of interest in the PWGF are expected to be invited before Christmas, with the fund opening for business in the New Year.
Picture: Michael Heseltine at the RGF Road show in Plymouth University. Credit Alan Stewart
