Third and final round of investment for foreign-owned businesses in the region
The Heart of the South West Local Enterprise Partnership (HotSW LEP) is inviting
foreign-owned companies to apply for the remaining funds in a £900,000 grant scheme to boost business growth and local job opportunities.
This funding is part of the European Structural and Investment Funds Growth Programme 2014-2020, and invites foreign-owned companies to invest in the area to boost the region’s economy and create high-value jobs in Devon, Plymouth, Somerset and Torbay.
This is the third and final invitation for businesses to apply for the ERDF grant scheme, which offers 40% match funding of up to £150,000.
Karl Tucker, Chair of the Heart of the South West LEP, said: “The Heart of the South West offers a fantastic environment for businesses to locate themselves and who are looking to expand and grow as well as have an amazing quality of life. We are pleased to be reopening applications to the grant scheme for foreign-owned companies investing in the area. The funds play a vital role in supporting foreign-owned businesses looking to expand in, or relocate to, the Heart of the South West, which in turn helps to generate more and higher-paid jobs in the area.”
The fund invites foreign-owned businesses already based in the area to apply for funds to support business growth projects. The fund is also open to foreign-owned companies looking to relocate to the Heart of the South West region. The region, which already has established advanced engineering, manufacturing and hi-tech industry clusters, offers an attractive proposition to foreign-owned businesses looking to relocate.
The LEP has already approved a number of applications, which has seen one of the leading manufacturers of movement and expansion joints, Vexcolt Limited, receive £37,000 to support an automation project which required a large investment in machinery.
The investment has enabled Vexcolt to dramatically improve the labour productivity of the business, thereby increasing their competitiveness in the markets that they supply.
Susan Wolfe, Managing Director at Vexcolt, said: “Applying for the European Union Regional Development scheme grant was very straightforward and user friendly. We applied in December 2020, and by February 2021 had had our application accepted. The grant has dramatically improved our productivity and competitiveness, and is targeted to return an increase of 35% in our productive capacity and a minimum 10% labour productivity gain within 12 months of its completion. In addition, production equipment plans outside the remit of this project aim to increase productivity by a further 15% over the following two years, and we will need to recruit more highly-skilled operatives to support the increased sales. We are delighted to have benefited from this grant and recommend that other foreign-owned businesses find out more.”
The Heart of the South West is also at the forefront of innovation in the marine industry, as well as experiencing success and growth in the aerospace industry for many years.
Scymaris, which offer high quality and cost-effective ecotoxicology, environmental fate, and analytical chemistry services to the global agrochemical, pharmaceutical, industrial chemicals and biocides industries, recently had their grant approved.
Chief Financial Officer at Scymaris, David Balch, said: “We are delighted to have been awarded the grant by the team at the LEP so we can accelerate our expansion into this exciting growth area for our marketplace. The ability to provide this service to the global industrial chemical and pharmaceutical marketplaces will set Scymaris apart.”
Businesses are invited to find out more and apply at: https://heartofswlep.co.uk/erdf-inward-investment-scheme/
