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SIGNPOST 2 GROW COMMITS OVER £400,000 TO LOCAL BUSINESSES

Over £400,000 has been invested into local businesses thanks to a grants scheme run by Signpost 2 Grow, the free business signposting service from the Greater Cambridge Greater Peterborough LEP, and the European Regional Development Fund (ERDF)

Signpost 2 Grow has awarded 42 grants to schemes worth more than £2.6m as it aims to support growing firms developing new ideas, technologies and efficiencies in the region.

The £565,000 fund has handed out grants of between £1,000 to £20,000 to a range of companies, from accountants to manufacturers. Each of the companies that have successfully secured a grant will be investing it into the growth of their businesses.

Cambridge Roof Truss Ltd, has been supported by Signpost 2 Grow with a £17,255 match-funded grant to facilitate the purchase of a Hundeggar Saw. The new equipment will enable operational growth to support the recruitment of one managerial position, and up to nine operatives. They expect to see a healthy increase in turnover, in addition to the creation of new jobs for the local area.

Sue Mills, Sales & Marketing Director of Cambridge Roof Truss explains, “Our expansion included the setting up of a new factory with the most technologically advanced equipment available at the time, and having access to this grant money helped us achieve this within the timescale we had set ourselves”. The factory has now been running for 6 months with a staff of 14, and with a second phase of development now in the planning.

Signpost 2 Grow Programme Manager John Stenhouse explains: “Investing in the growth of our local businesses is a key priority for Signpost 2 Grow. It has been a great year that has showcased the highly innovative and skilled companies that are working in this exciting area, where it will have a major impact for at least the next decade.

“We are thrilled with the wide variety of companies who have benefited from the Signpost 2 Grants programme. It has supported all types of businesses, from literally a couple of people in a shed through to high-end tech companies manufacturing cutting edge products.”

The programme is part-funded by the European Regional Development Fund (ERDF) and is open to companies with fewer than 250 employees and an annual turnover of less than 50m euros.

Grants have helped companies progress projects including ice cream production, printing, construction plant, capital equipment, building capacity and creating employment.

Grants are available to start-up and established companies for up to 20% of eligible costs or £20,000, whichever is the lower, with a minimum grant of £1,000.

The funding is designed to help companies in a wide range of areas and sectors, including acquiring specialist equipment, reducing costs, employing skilled staff and driving productivity in their businesses.

In addition, companies can also access up to 12 hours of subsidised business support from renowned enterprise agency Nwes to help grow and develop their business as well as up to seven days innovation advice from Exemplas and innovate UK.

The Signpost 2 Grow programme is delivered by Greater Cambridge Greater Peterborough Enterprise Partnership and Nwes, the largest enterprise agency in the UK. It is a free service that provides businesses with the help, support and funding they need to grow. Find out more at www.signpost2grow.co.uk. 

SIGNPOST 2 GROW COMMITS  OVER £400,000 TO LOCAL BUSINESSES

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