LEP programme benefits from £7 million ‘top-up’
A programme which aims to grow businesses in the Sheffield City Region has been given a multi-million pound cash boost by Government.
The Local Enterprise Partnership (LEP) has been conditionally awarded £7 million from the Government’s Regional Growth Fund to support modern manufacturing and technology companies to create jobs in the Sheffield City Region.
The £7 million will be used to ‘top-up’ the LEP’s existing £25 million ‘Unlocking Business Investment’ programme, which is on track to create approximately 2,000 sustainable, private sector jobs.
The LEP plans to use the extra funding to create over 500 additional new jobs in the Sheffield City Region.
The LEP was delighted by the scale of response from City Region’s businesses in the first round of its RGF programme. The success of the LEP’s last round means that organisers already have around a number of first-rate projects competing for the additional ‘top-up’ funds.
So far, ten local businesses have had their projects formally approved to receive over £4 million from the LEP’s RGF programme. These ten businesses will create 279 new jobs in the Sheffield City Region.
One of the approved companies is Magnomatics, a green technology company which specialises in the development of advanced magnetic transmission systems and high-torque electrical machines.
Chris Kirby, Managing Director at Magnomatics said,
“The LEP’s RGF investment in Magnomatics is helping our company transition its innovative products into production for use in electric vehicles, trains and ships around the world and has created a number of new highly skilled jobs at our company.”
LEP Board member David Grey MBE, and RGF Steering Group lead said:
“It is excellent news that the Government has given our RGF programme this funding boost. This will enable our programme to be extended to grow more businesses and create further jobs.
“The Sheffield City Region bid competitively to receive £25 million from Round 3 of the Regional Growth Fund. This extra money from Round 4 brings our total funding to £32 million and the combined amounts will enable us to unlock over £125 million of private sector investment.
“Access to RGF funding is allowing businesses to bring forward expansion plans that may not have happened in these uncertain times. This programme is demonstrating what can be achieved when the public and private sector work together – and I’d like to thank colleagues from Creative Sheffield in particular for support in making this programme a success.”
Cllr Bob Johnson, Doncaster Council’s Cabinet Member for Regeneration and Growth added:
“Jobs and growth are top priorities for Doncaster Council and we are determined to take the borough forward.
“Business Doncaster, the council’s business support and inward investment arm, has worked very closely with the teams at BA Components and Sheffield City Region on this project.
“I am delighted that Doncaster has been able to secure almost £200,000 of public investment, unlocking over £750,000 of company funds and creating 25 new jobs.
“It is pleasing to hear that this is just the beginning of the programme.”
Councillor John Burrows, Leader of Chesterfield Borough Council said:
“I am delighted to see that the first ten projects have been approved by the LEP’s RGF Steering Group. It’s really pleasing to see three Chesterfield companies represented in this first wave of projects. It confirms, as I have always said, that borough and district councils involvement in the Sheffield City Region is entirely valued and justified.
“It’s also great to hear that another 50 excellent projects are already working their way through the application process.”
The LEP welcomes companies with plans for growth to visit: http://www.sheffieldcityregion.org.uk/rgf to find out more.