Regenerate Pennine Lancashire is bidding for £7m from the Regional Growth Fund to create hundreds of new jobs across the county.
The Accelerating Business Growth PLUS bid will offer medium-sized businesses financial support to help them grow.
The programme will deliver local jobs and bring an additional £30m private sector investment across Lancashire.
Businesses which can demonstrate growth potential and job creation will be able to access between £150,000 and £1m if ministers give the programme the green light.
The Government recently invited bids for the fourth round of the RGF, worth a total of £350m nationwide.
The Lancashire Local Enterprise Partnership Board, chaired by Edwin Booth, support the bid which will help to support the LEP in driving economic growth in Lancashire, securing new private sector investment and creating new jobs and businesses.
Dennis Mendoros (pictured with Vince Cable), chair of Regenerate Pennine Lancashire, said:
“We have been working with local businesses to develop the bid which offers the financial support for them to grow. This programme builds on our successful RGF round 2 bid Accelerating Business Growth which offers financial support up to £150k to SMEs. If we are successful, Regenerate will have a package of support for all types of businesses across Lancashire.”
Kate Hollern, leader of Blackburn with Darwen Council said:
“It’s critical that the Government approve this bid if they are serious about rebalancing the economy and making steps towards closing the North/South divide. We have companies who want to expand but aren’t able to access the finance they need because of the bank crisis. This programme will create the jobs and apprenticeships our residents need at a time when public money is being cut and organisations are being forced to make redundancies.”
Julie Cooper, leader of Burnley Council said:
“The expansion plans of those companies that could receive RGF support will have a massive impact on short, medium and long term job creation in high value manufacturing roles as well as construction jobs, supply chain benefits and apprenticeships. The Pennine Lancashire authorities are working with companies, colleges and the universities to ensure the workforce is equipped to meet the employment demand of expanding local companies.”
Alyson Barnes, leader of Rossendale Council said:
“This bid provides a fantastic opportunity for Pennine Lancashire. Our mid-sized businesses have lacked the focus of Government support which has been directed to large corporations or overseas. In Pennine Lancashire we have companies with growth ambitions to become leading suppliers. ABG+ will help these companies to achieve their aspirations, increase exports and bring new employment and apprenticeships to the area.”
Miles Parkinson, leader, Hyndburn Council said:
“We hope the Government recognise the value of this bid which will benefit the UK economy at this critical time. The Pennine Lancs authorities and Regenerate are committed to supporting our local businesses and their growth ambitions.”
Joe Cooney, leader, Pendle Council said:
“Pennine Lancashire has a strong reputation for manufacturing and engineering. This RGF bid will provide a massive boost to the North West economy, securing local jobs and promoting growth, something which Pendle Council is strongly committed to doing.”
