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Nottinghamshire and Derbyshire manufacturing businesses to receive grants…

Nottinghamshire and Derbyshire manufacturing businesses to receive grants…

Manufacturing businesses in certain areas of the East Midlands now have access to £500,000 of support to overcome current challenges.

Businesses will use MGP’s bespoke diagnostic tool, GROWTHMapper, to seek out points of improvement within their companies, before receiving grants that can support up to a third of the total cost of the project, up to £10,000.

The programme will help cover a range of business costs such as efficiencies, marketing, product development and management.

85 businesses are set to benefit from the scheme between now and June 2023 and approximately 111 jobs are to be created as a result.

The Manufacturing Growth Programme, which is funded by the European Regional Development Fund (ERDF) and delivered by Oxford Innovation Services, is open to all manufacturing SMEs in Derbyshire and Nottinghamshire that employ less than 250 people or have a turnover below £36m.

Martin Coats, Managing Director of the Manufacturing Growth Programme, said: “This is excellent news for SME manufacturers in Derbyshire and Nottinghamshire and comes at a time when they need access to industry specialists to overcome issues around Brexit and Covid-19.

“We have proven how successful this type of support, delivered by experts from the manufacturing sector, can be in Leicestershire, Lincolnshire and Northamptonshire. Across these three areas we have created nearly 700 new jobs and completed 805 improvement projects, helping many firms fulfil their potential.”

He continued: “Thanks to the backing of the D2N2 LEP, we can now give this targeted assistance to companies locally, making sure they are competitive in the sectors they have an undeniable edge in, including aerospace, automotive, food and drink, medical and rail.

“Each project is tailored to the individual company, so it has the biggest impact. Our Manufacturing Growth Managers are also very well connected and can link in management teams to other business support, funding or even supply chain opportunities.”

Frank Horsley, Head of Business & Innovation at D2N2 LEP, concluded: “We are delighted to support the extension of the highly successful programme into our region.

“Manufacturing remains the historic bedrock of the D2N2 economy. If we are to transform into a more competitive, but greener economy, our manufacturers will need support to embrace the challenges of industrial digitalisation and net zero so that, similar to the first industrial revolution, we can lead the world.

“We look forward to bringing our strategic influence and partnership network to bear to ensure our businesses have the opportunity to benefit from the excellent support MGP can deliver.”

If you are looking for finance for your business, need to unlock cash or are thinking about buying an electric vehicle, call us on 0115 958 6872, email info@midlandsassetfinance.co.uk or fill an enquiry form.

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