Manufacturers in Lancashire are being urged to apply for free funding and support, after a survey predicted there will be growth within the industry during 2014.
The Executive Survey 2014, published this week by the Engineering Employers’ Federation (EEF), states that two fifths of manufacturers hope to make a modest investment this year. A further fifth believe investment will be significant.
Economic development company Regenerate Pennine Lancashire encourages manufacturers in the county looking to take their growth plans forward to access non-repayable grant funding while it is available. The company is currently allocating grants from £5,000 to £1m to new and existing businesses, supported by the Government’s Regional Growth Fund (RGF).
The cash is available for growth projects, such as the purchase of new machinery, as well as property expansion and improvement.
Hugh Roberts, deputy director at Regenerate, said: “It’s encouraging that the majority of manufacturers have the confidence to pursue growth plans and make investments in the next year. If you’re looking to grow your business, it’s worth giving us a quick call to see if you are eligible for a grant.
“The support could help your business achieve growth at a faster rate, so you can take on larger contracts and employ additional staff.
“So far, we’ve helped 50 Lancashire businesses access £3.6m of the RGF funding, which has helped create 553 jobs in the county.”