INV-ENT, a Northamptonshire initiative for small business growth, has gone from strength to strength in recent weeks with a total of 81 projects (across 70 Northamptonshire businesses) having benefitted from £1.1 million of grant funding since 2011. To date, the fund has supported projects to create 459 new jobs and 145 apprenticeships in the county.
12 companies have been approved from the latest and sixth round of INV-ENT - a locally-funded business rate rebate awarded to small and medium enterprises (SMEs) which enables reinvestment of those funds by the business to stimulate its development, innovation and growth, and to create jobs.
The 12 companies that have secured funding are BLC Leather Tech Centre, Piroto Labelling, Chancery Footwear, TMI Foods, Chapelton Engineering, Revo Developments, Multi Labels, PGS Gifts, Cumberland Platforms, Nicholls Joinery, Global Chemical Technologies and Dalepak.
Sajeeda Rose, Chief Operating Officer, NEP, said: “We continue to receive a wide range of applications for INV-ENT; the decision to include rate-paying companies from a broad range of sectors means that INV-ENT round six recipients include a footwear design and manufacturing company, a food processor, a developer of automotive software products, a seller of personalised gifts and a packaging and distribution company.
“It is thrilling to see the difference the grant makes to businesses in Northamptonshire as well as the local economy and jobs market as a whole.
INV-ENT fund enormously popular
Cllr. Jim Harker, Leader of Northamptonshire County Council, said: “Now in round six, our INV-ENT fund has proved enormously popular, allowing small and medium sized business a financial boost in what have been very challenging economic times.
“It’s interesting to see the variety of businesses we have in Northamptonshire and I’m delighted that the county council has been able to play a role in assisting the local economy.”
James Leng, Director at Revo Developments, a developer of automotive software products benefiting from INV-ENT round six funding, said: “The NEP staff were supportive and provided clear guidance throughout the process which added to our confidence in deciding to engage in the programme.
“It is the first time we have sought enterprise funding support and we could not be more delighted to have secured the grant. We can now accelerate our new Ford biased product line with a release to market well ahead of our initial estimates - thanks to INV-ENT.”
Work is now underway to develop the next round of INV-ENT which will be launched later in 2014.
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