University shares out £3.9m growth fund for South West
BUSINESSES across the South West are being encouraged to apply for a share of a multi-million pound fund to help them create new jobs.
Plymouth University is offering grants of between £25,000 and £150,000 after it was awarded £3.9million from the Government's Regional Growth Fund (RGF).
The cash boost is expected to benefit about 75 businesses across Devon, Cornwall and Somerset, creating up to 500 jobs.
It follows the university's first growth fund, which was awarded £1million in August 2011.
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That pot of cash helped to support more than 20 South West firms, offering each of them an average grant of £46,000.
Professor Julian Beer, the university's pro vice-chancellor for regional enterprise, said: "Following the huge success of our first fund we are delighted to be inviting expressions of interest for round two.
"We know from experience that there is strong demand for funding from growth-minded businesses in Devon and we look forward to making our first awards and helping to drive economic growth in the region."
Applicants are expected to demonstrate how investment will lead to rapid job creation through the delivery of a specific project within a 12 month period.
Small and medium-sized firms from almost all industry sector can apply and the funding can be used for a range of things including software, improving business premises and recruitment.
The first stage is an initial expression of interest, and a decision will be made at that point as to whether the applicant can progress to a full application.
The final bids will be assessed, and the first awards are expected to be handed out in April.
The news comes after Plymouth City Council revealed its plan to create 2,000 jobs with a "short burst of activity" to arrest the city's unemployment problem.
Council leader Tudor Evans said: "Anyone who has been unemployed or has had someone in their family who is out of work knows the impact it can have on every aspect of a person's life and those around them.
"Confidence goes out the window, their health and mental wellbeing suffers, they have no money."
More business news on Page 20
Comments
by timplymouth
Friday, January 11 2013, 3:44PM
“Well you got me there, Plymouth University is definitely one of the top two universities in Plymouth.”
by swoop4
Friday, January 11 2013, 11:02AM
“@timplymouth - perhaps it's beacause its 150 years old and one of the best universities in Plymouth.”
by timplymouth
Friday, January 11 2013, 10:06AM
“Not really sure why the University is qualified to be doshing out government money.”