Business Growth Hub awarded £9.2 million

January 20th, 2014

Business Growth Hub logo red

 

 

The Greater Manchester Business Growth Hub has been awarded £4.8m by the European Regional Development Fund and £4.4m from the Government’s Regional Growth Fund through the Greater Manchester Combined Authority (GMCA) to expand its work by supporting more than 1400 businesses across Greater Manchester that have the potential, ambition and commitment to grow.

The £9.2m investment will be used to help create 190 new businesses, create 679 jobs and safeguard 1,391 jobs, to provide business growth assistance to 1474 companies with growth potential and to support 587 business leaders with their business capability development – delivering £51 million of GVA overall.

The funds will enable the Business Growth Hub and partners to deliver practical support to GM businesses, including help to overcome barriers to business growth such as accessing finance; providing access to business mentors; help with starting a growth businesses; assistance to make better use of digital technologies and in depth business coaching for high growth clients, which is offered in conjunction with the national Growth Accelerator programme. Having expanded its services and partner network considerably since launching in 2011, the Business Growth Hub will now be working with a wider number of prestigious project partners including Creative England, The Women’s Organisation and Local Authorities across Greater Manchester including Oldham, Bolton, and Rochdale.

Director of the Business Growth Hub Richard Jeffery said: “This investment in the Business Growth Hub as we enter our third year is a hugely positive step and gives the green light to growth for even more ambitious businesses in Greater Manchester and the North West.  We are now home to many of the critical business support services in the region – from Access to Finance and MAS to mentoring and the Start Up Now loans – and this funding gives us the partnership etwork, resources and support we need to take them to an ever wider audience.

“Greater Manchester is home to thousands of ambitious, hard-working businesses that deserve to succeed and grow. Working with our many expert private and public sector partners we are here to drive this level of growth even higher and to support businesses at every stage of their development.”

Sir Richard Leese, vice chair of Greater Manchester Combined Authority, said: “Supporting economic growth and sharing the prosperity that comes with it are at the heart of our work as a combined authority. As the Growth Hub enters its third year, we’re happy to be investing in its success through the Manchester Investment Fund, using the money from the Regional Growth Fund.”

Mike Blackburn, chair of the Greater Manchester Local Enterprise Partnership, said: ”The Greater Manchester Investment Fund’s investment in the Growth Hub as part of the City Deal will assist businesses across the whole of the Greater Manchester area supporting economic Growth. It will also encourage the creation of new, sustainable jobs as well as safeguarding existing positions.”

The ERDF is a fund allocated by the European Union that finances convergence, regional competitiveness and employment and territorial co-operation.

The Business Growth Hub offers growth support to ambitious SMEs, Access to Mentoring, Growth Start-up support and help to identify and harness the latest digital technology. The Business Growth Hub and its partners also currently deliver products and services that include the Manufacturing Advisory Service, UKTI, Access to Finance, Start-Up Now, NW Business Angels, Manchester Business Loans, ENWORKS and mentoring programmes plus a range of networking and specialist growth events.

www.businessgrowthhub.com  @bizgrowthhub

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