21/07/2011
Regenerate Pennine Lancashire has already created or safeguarded 284 jobs and helped 89 business start ups during the first quarter of this year.
Seventy nine businesses have also been assisted as part of the company’s Lancashire Innovation Network programme (supported by the European Regional Development Fund) and tangible 1:1 support has been offered to a further 118 businesses.
Regenerate has also bid on behalf of Pennine Lancashire for £7.5m in the second round of bidding for the Government’s regional growth fund.
It was submitted in partnership with the local authorities in Lancashire and Lancashire County Council, Chambers of Commerce and the universities. It also received support of the Lancashire LEP.
The RGF is worth £1.4bn over its three-year life span, which is just a third of the money that was previously made available through the regional development agencies for economic development and regeneration.
Regenerate has re-evaluated its role and moved from being a broad based regeneration company to one wholly focussed on improving the local economy.
It follows the Government’s decision to remove funding for the Housing Market Renewal Programme and the ending of funding for the Local Economic Growth Initiative (LEGI).
According to its first quarter report (April to June), Regeneration Pennine Lancashire has also attracted £9.8m of Private Sector investment to the area and over 600,000 sq ft of industrial floor space has been taken up.
These are a result of long term project work with local businesses.
The company’s new Business Plan has three themes: Enterprise and Employment; Business Support and Innovation; and Investment.
Steve Hoyle, Managing Director, added: “We are delighted with the results during the first quarter and the figures clearly show the impact that we are having on the local economy but we are not complacent. There is still so much to do.
“As well as helping business start ups, we are also helping high growth businesses accelerate the unlocking of their potential in terms of expanding premises and bringing new product lines into the market.”
