Council launches £10m fund to attract inward investment

Lancashire County Council has approved a £10m loan fund to attract inward investment from companies working to address significant social and environmental challenges.

The funds are aimed at organisations within  the sectors of artificial intelligence and data; the ageing society, clean growth and the future modes of transport, and it is hoped that it will create new jobs for local people and economic growth.

Companies working on the technology and solutions to support people will also be able to draw on the expertise of Lancaster University's Health Innovation Campus and the University of Central Lancashire.

In addition, Lancashire's Clean Growth economy includes companies delivering products and services to reduce carbon emissions from home, businesses and transport, and Future Mobility builds on the existing strengths of the county's automotive and aerospace sector, embracing the challenges of moving to electrification or other fuels.

The county is already developing capabilities around the use of autonomous vehicles through facilities like the Engineering Innovation Centre at the University of Central Lancashire, and the North West Advanced Manufacturing Research Centre (NWAMRC) now being built at Samlesbury Enterprise Zone.

County councillor Michael Green, cabinet member for economic development, environment and planning, said: "There is a strong pipeline of potential investments, where proactive public sector support can work with the existing business base to find new partners and new technologies.

"The economic impact of the current Covid pandemic is increasing the shift in Lancashire's industrial base. It's therefore important for us to encourage more businesses to come here, which will assist with our economic recovery and create future growth. This is why we were keen to create this £10m fund to support these new growth sectors."

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