A pot of cash is being made available to certain businesses in the Coventry and Warwickshire region thanks to the Regional Growth Fund that is run by the Government. The Regional Growth Fund has offered the Local Enterprise Partnership £24.4m in addition to the £12.8m that was awarded to the region over the summer from the Growing Places Fund.
In addition to this cash, a further £3m has been added to the pot, this time coming from the European Regional Development Fund. These combined funds are now being made available to help local organisations and businesses in three key areas; strategic support, infrastructure support and help with getting access to finance.
The chief executive of the Local Enterprise Partnership, Martin Yardley, spoke about the funds, saying:
“The funds have been generated to help build the economy and create jobs – and that is the sole aim of the Local Enterprise Partnership. We believe that this approach makes total sense and allows us to take a broader view when it comes to allocating the money to make the biggest possible difference.”
Businesses need support in a number of areas, particularly in challenging economic times. It is believed that all aspects of business support should be considered – whether it is in the form of financial support or advice on business card printing. Coventry businesses will feel the benefit of these funds over the next few years.