New fund for Westcountry SME's

08.08.11

A new £1m fund has been launched by the University of Plymouth and the Western Morning News.

It was launched by Business Secretary Vince Cable who described it as the first and best scheme in the UK to launch successfully.

The fund had been launched to stimulate regeneration in the region and develop a thriving private sector, moving away from the area’s reliance on the public sector.

The Western Morning News and the University of Plymouth’s joint bid for the scheme was given conditional approval in April. It was one of two bids to gain funding from the £450m Regional Growth Fund.

Cable signed the West Country fund at a ceremony held at the University of Plymouth, during which he met with businesses that have helped develop the region’s key enterprise centres.

“Having been through due diligence, I am now in the position to send you a cheque,” said Cable.

“What we would like to see is many more companies than there is money for, apply for the funding. I’m delighted by the energy and enthusiasm I’m finding here.

“I applaud this initiative of Plymouth University and Western Morning News. It’s a very imaginative scheme to promote small business in the area.”

University vice chancellor and chief executive Professor Wendy Purcell said: “We want to be enterprising in everything we do and a catalyst for innovation through partnership.”

Western Morning News editor Alan Qualtrough said: “This is an exciting project that will create jobs in the South West."

West Country businesses can apply for between £10,000 and £100,000 in order to fund growth and create jobs. Match funding is not necessary.

Simply log on to www.plymouth.ac.uk/enterprisesolutions or ring 0800 052 5600 to speak to the team at Enterprise Solutions who will be handling the applications.

Once you have registered your application will be examined by a panel of independent experts appointed by the WMN and Plymouth University. The bids which are short-listed are then subjected to due diligence and you may be asked to supply further details.