Grant programme to support business growth and job creation.
The High Performance Technologies sector (HPT) is one of the priority sectors for the county and therefore one that Northamptonshire Enterprise Partnership pro-actively supports. Priority sectors are those which have a distinctive and specialised presence in the county, offer potential for future business and employment growth with linkages into the local supply chains and labour markets, and have the potential to expand their impact from a position of strength into other areas.
In recognition of the need to support businesses and facilitate growth in the sector, NEP secured £1.2m of the Government’s Regional Growth Fund which enabled the launch of the HPT Investment Programme in March 2013. The Regional Growth Fund (RGF) supports projects and programmes that lever private sector investment to create economic growth and sustainable employment. In addition NEP secured a further £1,000,000 of grant funding through the European Regional Development Fund (ERDF) to extend the programme.
The programme offered grants of up to £100,000, mainly to SMEs, providing support for R&D, capital expenditure and associated salary costs contributing to activities such as new product development, increased capacity and productivity, new services. All of the activities supported leading to business growth and job creation, also further development of the local supply chain.
The final call for applications was held in November 2014 and was extended to businesses in all four priority sectors for the county: Food & Drink, Creative & Cultural Industries, Logistics & Transport and HPT.
The Programme has run 6 competitions resulting in 56 grants being awarded to businesses which will safeguard and create 656 jobs and lever £12.5m in private sector investment, far exceeding programme targets.