Business Secretary launches new Anglia growing business fund

Business Secretary Vince Cable has launched a new £3 million funding scheme for East Anglia that will kick-start growth for small firms in the trades.

The New Anglia Local Enterprise Partnership is specifically aimed at helping firms that want to grow but have been held back by a lack of finance.

The £3 million fund will provide cash grants to businesses looking to expand their operations

and create new jobs. Funding for the scheme has come from the government’s Regional Growth Fund.

The fund will provide grants of up to 20%, between £25,000 and £100,000, to business that have a shortfall in their investment plan and are able to create at least one job for every £10,000 provided by the fund.

The Business Secretary launched the fund at Redpack in Norwich, a company which hopes to benefit from the new fund and expand its existing operations in the city.

Business Secretary Vince Cable said: “A lack of finance is one of the biggest barriers facing firms that want to grow. The government is already taking big steps to help companies bridge that gap and now, thanks to this new fund, businesses across East Anglia will get that helping hand they need.

“Through programmes like the New Anglia ‘Growing Business Fund’, the government’s Regional Growth Fund has supported around 1,200 small and medium sized companies across the country, helping them create jobs, increase skills and grow their business.”

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