East Lancs Chamber lands £8m funding pot

East Lancashire Chamber of Commerce has secured £8m from Round 6 of the government’s Regional Growth Fund to stimulate enterprise across the county by providing grants to businesses with the potential for economic growth.

Mike DammsDeputy prime minister Nick Clegg said: “After decades of regional economies being neglected I set about investing directly in local businesses via the Regional Growth Fund. This investment has allowed regional businesses to be more ambitious than ever before and gone a long way in creating a stronger economy”.

Chief executive Michael Damms added: “This is excellent news and welcome recognition by government of the value, capability and potential of Lancashire’s industry.

"It will allow eligible businesses with ambition to grow to unlock and bring forward investment in machinery and premises that will help create jobs and add to the nation’s wealth. Grants, typically ranging from £10,000 to £1m of up to 20 per cent of total project costs will be available during 2015/16 and 2016/17."

The grants will play part of the wider Lancashire LEP strategy for encouraging private sector growth and complimenting business support packages available through local authorities and the Lancashire Business Growth Hub. An international trade strand is included to support and provide expert advice on developing business overseas and to tap into global markets.