Regenerate Pennine Lancashire has been selected in a bid for £5m from the latest round of the Government’s Regional Growth Fund (RGF), to run a programme which will create hundreds of new jobs across the county.
Accelerating Business Growth PLUS (ABG+), will provide mid-sized businesses with access to finance to accelerate their growth ambitions. The funding will create 500 new jobs in Lancashire and safeguard a further 250.
Regenerate Pennine Lancashire will deliver the programme with Blackburn with Darwen Council and following success in previous RGF rounds it now means Lancashire businesses can access grants of between £5,000 and £1million.
Grants will be available to high growth businesses, such as those in advanced manufacturing, aerospace, chemical, sustainable energy, digital and creative. Companies with export potential may also be eligible. It is available for projects that will secure the future growth of businesses, such as new product development, new machinery, expansion and property improvements.
The Lancashire Local Enterprise Partnership (LEP) Board supported the bid. LEP board member and Chairman of Regenerate Dennis Mendoros said:
“Regenerate is now able to provide support for all sizes of businesses across Lancashire with growth ambition. This will be provide huge boost to our local economy and help create 100s of jobs in growing industries.”
Kate Hollern, leader of Blackburn with Darwen Council and Chair of the Pennine Lancashire Leaders group, said:
“This shows confidence in Pennine Lancashire as a place worth investing in. We have shown that we deliver time and time again – it is about the quality of our partners and the way we collaborate. It is very powerful that local businesses were willing to work with us on what is best for the area.
“The programme will also help create apprenticeships which will secure the future for many of our young people. The programme will provide a lifeline for Lancashire businesses in an era of job cuts and reductions in public funding and enable them to compete on a national and international basis.”
The Government’s Regional Growth Fund (RGF) is a £3.2 billion fund operating across England from 2011 to 2017. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment. For further information please visit www.gov.uk/understanding-the-regional-growth-fund
