Norfolk and Suffolk awarded nearly £1 million to help businesses grow
£0.9 million funding secured to help business growth in Norfolk and Suffolk
Businesses looking to secure investment to grow will be able to benefit from up to 50 hours of intensive support thanks to a successful funding bid.
Norfolk County Council, alongside Suffolk County Council, University of East Anglia (UEA) - Adapt and New Anglia Local Enterprise Partnership, has secured £0.9m of European Regional Development Funding to contribute to ‘Invest East’ - an intensive support programme for high growth businesses.
Councillor Barry Stone, Chair of Norfolk County Council’s Business and Property Committee, said: “Invest East is a great initiative that I hope will benefit a good number of growing Norfolk and Suffolk businesses. This strong partnership across both counties will achieve a collective impact towards a vision for a healthy investment landscape that will highlight the best we all have to offer.”
Invest East will make up part of the business support offer from the well-established New Anglia Growth Hub and comprises three distinctive work streams:
- Investment readiness support: Delivering investment readiness workshops, training and guidance. UEA (Adapt) will lead across both counties supporting small to medium businesses targeting any form of investment funding to grow. Business can expect up to 50 hours of intensive support to develop a fully worked investment offer. The support will be include contact with expert consultants and experienced entrepreneurs to help businesses overcome any barriers they have in taking forward their plans
- Investor support programme: Landing and account managing external investors and existing companies, as well as supporting and developing external promotion offers with New Anglia Local Enterprise Partnership (LEP). Norfolk and Suffolk County Councils will lead in their respective counties to help provide the best offer to small to medium businesses wanting to invest and grow
- External promotion, profile raising and lead generation: External promotion on a national and international forum to draw in leads, investment and talent into Norfolk and Suffolk. New Anglia LEP will lead on campaigns, working alongside their local sector groups to help transform the way our local area is seen.
Starting on 1 September 2018 and running to August 2021, Invest East will enable businesses to access professional, specialist support to explore investment options and help them to expand and grow. Interested businesses should register their interest at https://www.newangliagrowthhub.co.uk/contact/
Julian Munson, Head of Inward Investment at New Anglia LEP, said: “One of the key priorities of the Economic Strategy for Norfolk and Suffolk is to work with local partners to deliver increased investment into our area, making it a business destination of choice for innovation, knowledge and expertise. This includes increasing the area’s share of global exports and attracting skilled talent.
“This Invest East funding will help us to deliver innovative and targeted campaigns to help our region’s businesses and economy grow.”
Professor Fiona Lettice, Pro-Vice Chancellor for Research & Innovation at University of East Anglia said:
“Invest East will play a vital role in supporting our local economy and I’m delighted that the University’s innovation, enterprise and investment expertise will be making an impact through this project.” Saffron Myhill-Hunt, Innovation Funding Manager at Adapt adds;
“There are so many great businesses in Norfolk and Suffolk that just need the right information, advice and contacts to be able to raise the funds they need to grow. We’re very pleased to able to offer this support and look forward to working with the next generation of successful companies.”
Matthew Hicks, Leader of Suffolk County Council and Cabinet Member for Economic Development and Infrastructure said “Partners across Suffolk and Norfolk have worked hard to develop this project and I’m delighted that it has now been approved. It will help us to attract inward investment to the region and make a step change in the support that we can offer ambitious businesses that want to grow.”