Funding programmes helped create more than 2,700 jobs
New Anglia Local Enterprise Partnership’s business support programme has reached two major milestones, approving its 700th business support grant and engaging with 8,000 businesses through the New Anglia Growth Hub.
The Growth Hub was set up in 2014 to provide free face-to-face business support. Since then, its team of expert advisers have engaged with 8,000 businesses, giving more than 40,000 hours of face to face support.
The majority of the 700 businesses supported with grant funding applied to the LEP’s two flagship funds, the Growing Business Fund and Small Grant Scheme. These programmes have approved more than £28m in grants, helping create more than 2,700 jobs and leverage £182m in private investment.
The 700th grant was awarded to Ipswich based TTV Racing, a precision engineering firm supplying components for the automotive industry, exporting globally to clients including BMW, Porsche, Caterham, Dodge, Mercedes, Ford, Audi and Jaguar. Every car in last year’s British Touring Car Championship used a flywheel made by TTV.
The company initially received support for its expansion plans from Babergh District Council’s Economic development and Planning departments. Most recently, TTV worked with the New Anglia Growth Hub to secure a £25,000 grant from the Small Grant Scheme towards a £180,000 project to buy new machines and Computer-aided manufacturing software to drive improvements in productivity at its Copdock base.
Alan Crisp, Managing Director at TTV Racing, said: “TTV works with motorsport companies and race engine builders throughout the world to design and develop parts. Our drive for quality has brought even greater opportunities from the large, household names, that have potential for larger orders. Thanks to the Small Grant Scheme funding we can increase capacity and can take on new work without causing production delays for our smaller customers.
“By having clear and achievable growth plans, support from New Anglia Growth Hub and Babergh District Council, we’ve met our short and medium term objectives, have a facility that is a great place to work with excellent people and products and a service to be very proud of.”
Dominic Keen, Chief Executive of Britbots, New Anglia LEP board member and Small Business Champion, said: “700 businesses supported financially, 2,700 jobs created and productivity increases are all great results. I’m certain many more businesses out there want to grow, employ more people, explore new markets and raise their productivity. So there is potential to do so much more.”
Commenting on the business support milestone, Nigel Best, Manager of the New Anglia Growth Hub, said: “Since the launch of the Growth Hub five years ago, we have been able to help thousands of businesses across Norfolk and Suffolk grow and prosper. Businesses have been able to access an incredible £28million of grants with the help of our knowledgeable and friendly advisers, helping you cut through the maze of information available.
“With funding secured for the next few years, we look forward to seeing and helping many more businesses on their journey to growth.”