Coast to Capital Local Enterprise Partnership has welcomed the news announced by Deputy Prime Minister, Nick Clegg that two bids to Central Government for funding from the fourth round of the Regional Growth Fund have been approved in principle.
Reacting to the announcement, Ron Crank, Chief Executive of Coast to Capital said: "This is exciting news for our region as it is the first time we have ever received RGF funding. This will enable us to back those businesses that are investing in innovation and environmental technologies. It's a real boost for growth and jobs - a vote of confidence in our region's businesses."
The two bids, delivered as a single integrated programme, will directly create jobs, particularly in those areas and communities that are currently dependent on the public sector. Whilst much of the detail has yet to be worked out, the new programme will provide grant finance directly to high growth, innovative businesses - those that have developed new ideas, products, services and intellectual property to the point where they are ready to exploit market opportunities and create jobs.
Businesses applying for, and being awarded funding, will be fully supported by the Growth Accelerator service and specialists from the Universities of Brighton, Chichester and Sussex and the Sussex Innovation Centre. In addition, those businesses which are developing new low carbon and environmental technology products and services, will be able to tap into further support and networks from the University of Brighton's Green Growth Platform.
The programme will also help small firms make the most of the highly qualified workforce who live in the area by providing routes into jobs via a new placement scheme.
John Peel, Chairman of Coast to Capital was delighted to hear of the additional investment for the area, but was keen to acknowledge the collaboration which has taken place behind the scenes in order to prepare the bids. "It's testament to the power of collaboration" he said.
In addition to the organisations mentioned above, Brighton and Hove City Council, West Sussex County Council, Wired Sussex, Brighton and Hove Economic Partnership, Marine South East and Oxford Innovation have all been involved. "It was a real team effort and that is a large part of what Coast to Capital is about - bringing people and organisations together to generate growth", he added.
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