NWDA 'Grants for Business Investment' generates £6 for every £1 spent

8 June 2010

The Northwest Regional Development Agency (NWDA) can reveal that in the latest financial year, 2009 / 2010, for every £1 it put into the Grants for Business Investment (GBI) scheme, over £6 was generated in private capital investment within England's Northwest.

In a difficult economic period the GBI scheme provided assistance to 61 Northwest companies, with investment to the tune of £12.9 million. These projects were associated with £81.8 million capital investment, and forecast to create 1,199 jobs and safeguard 817 jobs. In total 125 applications for GBI were received.

GBI is part of 'Solutions for Business', the government's package of publicly funded business support designed to help companies start and grow.

Formerly known as Selective Finance for Investment, GBI provides help for investment projects which will increase productivity, skills and employment in the region. All sizes of business from the eligible sectors can apply, with the level of grant ranging from 10-45% of the total project cost depending on location and size of business.

Notable GBI projects throughout the year include

•£65,000 to Key Forensic Services in Warrington
•£1.2 million to TRM Packaging in Burscough
•£230,000 to Dresser Mouldings in Bolton
•£290,000 to Plastiques Gosselin in Blackburn
•£103,462 to RFD Beaufort in Birkenhead

Steven Broomhead, chief executive, NWDA said:

"The economic climate of the past 12 months has been challenging for businesses throughout the region. There continues to be an issue with businesses raising funds through the traditional routes, therefore the Agency will continue to intervene and provide assistance to ensure the regional economy recovers and grows.

"I am delighted the Agency has been able to provide assistance to 61 businesses with the GBI award – GBI is just one of the Agency's Business Finance options, others include Grant for Research and Development, Small Loans for Business, Innovation Vouchers and Grant for Improving Your Resource Efficiency to name but a few."

The NWDA has continued to work closely with partners including Business Link Northwest and Sub Regional Partners to ensure the continued focus on strategic and quality applications.

The launch of the dedicated Business Finance website – www.nwdabusinessfinance.co.uk has provided businesses with a greater understanding of the scheme, providing straightforward, simple advice with regards to the application process. This has also improved the quality of the on-line applications received.

The NWDA is playing a crucial role in response to the current economic downturn, with a number of actions being taken to meet the needs of businesses during these challenging times.

To keep updated on the range of support being offered by the NWDA visit www.nwda.co.uk/supportingbusiness

For further information on business support in England's Northwest go to www.businesslink.gov.uk/northwest