48 NEW JOBS TO BE CREATED BY COAST TO CAPITAL BUSINESS GRANTS
30 April 2014
48 new jobs are set to be created in the first round of grants awarded from the new Coast to Capital Business Growth Grant scheme which is funded by the Government's Regional Growth Fund.
A total sum of £224,000 has been granted and spread across seven companies.
The Business Growth Grants Programme is a £4.79m fund run by Coast to Capital Local Enterprise Partnership, Brighton and Hove City Council and their partners to provide non-repayable grants to small and medium sized businesses that have expansion plans.
Grants of between £5,000 and £100,000 are available for a wide range of items, including research and development, innovation and product/service development, breaking into new markets, skills development, plant and equipment, business premises and other capital items. The successful applicants needed to demonstrate how their plans will lead to job creation in their local area and that other sources of funding had been pursued without success.
For grants up to £100,000, applicants needed to provide at least 75% of the project funds whilst for grants over £100,000, they needed to provide at least 80% of the project costs. These could include retained profits, loans, equity finance or investment funds.
Ron Crank, Coast to Capital chief executive says: "We are delighted to award the first of what I hope will be many business growth grants to companies in our region. Each of these businesses has demonstrated innovative new plans for growth involving research and development, capital projects and expansion into further markets. SMEs are the backbone of our economy and I am encouraging more companies to take advantage of these grants so they may achieve their full potential."
The following companies have been awarded a Business Growth Grant:
- Micro ID based in Burgess Hill offers one of the most comprehensive microchip systems available for animals worldwide. The grant will go towards designing and manufacturing a new product.
- MSP based in Brighton provides specialised customer insight products and services to a wide range of industries. The grant will go towards business expansion.
- Insulated Tools Ltd in East Grinstead has a 45 year track record of producing insulated tools. The grant will go towards purchasing new machinery.
- GB Electronics (UK) Ltd is a dedicated electronics design company based in Goring-by-Sea. The grant will go towards new product development.
- Firefly Solar in Lewes offers green energy products and services. The grant will go towards a series of product trials.
- Young Calibration provides calibration services and thermal fluid component testing to customers worldwide from their base in Shoreham-by-Sea. The grant will go towards expanding their calibration laboratory.
- Lancing based BCMY Ltd operates in all phases of recycling. The grant will go towards creating a new facility to dispose of cartridge waste.