NEP and Northamptonshire County Council are delighted to launch the sixth funding round of the INV-ENT programme.
INV-ENT (Innovation & Enterprise Fund) is a locally funded initiative which provides a business rate rebate to Small and Medium Sized Enterprises (SMEs) enabling those funds to be reinvested by the business to stimulate its development, innovation and growth, and to create new jobs.
Following the success of the first three-year programme, which was launched in October 2011, a further £300,000 is being made available in 2014/15 which can help at least 15 local businesses to grow.
The principal focus of the fund is to support businesses across a range of sectors, identified by NEP as having greatest potential for growth in the county including High Performance Technologies, Logistics, Food & Drink, Financial Services, and Creative & Cultural Industries. Applications from other business sectors will be considered where it can be demonstrated that the project will have significant levels of new job creation.
The initiative was first unveiled at the Northamptonshire Business Summit in October 2011, and is being jointly delivered by the county council and NEP.
The INV-ENT initiative was originally developed as part of a wider £2m package of measures funded by Northamptonshire County Council’s prosperity fund to support local businesses and create new jobs.
The first five funding rounds have so far resulted in 69 successful applications from 62 local businesses with just over £990,000 awarded in total to date. Companies benefitting from the scheme will create 400 new jobs, 100 new apprenticeships and support over 750 people with skills development and training.
Cllr Jim Harker, Leader of Northamptonshire County Council, said: “This initiative has been unbelievably successful and I’m delighted to be able to announce that we’re once again making funding available to small and medium sized firms.
“We are just coming out of a very difficult period economically and I believe that innovative schemes, such as this, have been paramount in invigorating the local economy.”
Kieron Salter, Managing Director, KW Special Projects Ltd., said: “The INV-ENT grant funding is a fantastic initiative by NEP. INV-ENT allows High Performance Engineering businesses like KWSP with ambitious growth aspirations to invest money back into their developing technologies.
“KWSP is using the INV-ENT funding to continue to grow the infrastructure and facilities around its rapidly growing Additive Manufacturing capability. In turn this is expected to create additional engineering opportunities to support accelerated growth.”
Applications should be submitted to NEP by 12 noon on 4th July 2014. Further details on eligibility and how to apply are available HERE
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