Growth hub secures new funding

The Lancashire Business Growth Hub is one step closer to fruition after its bid for matched funding was approved by the European Regional Development Fund.
A new £7.25m programme to promote Lancashire businesses and create jobs has secured matched funding from the European Regional Development Fund.

Companies with high growth potential will be given access to finance and equity networks as part of the Lancashire Business Growth Hub, which will also provide specialist advice, coaching and mentoring.

The hub aims to increase the county’s economy by £20m and give local businesses the tools to create at least 1,200 new jobs and safeguard 700 more by 2015.

It is a culmination of efforts of a partnership between Lancashire County Council, UCLAN, Lancaster University, Regenerate Pennine Lancashire and Winning Pitch with £3.6m of the funding provided by the European Regional Development Fund (ERDF).

Lancashire County Council will provide £2m, a further £1m will be sourced from other partners and £600,000 from participating businesses.

Support for businesses will come through the hub funding package and through associated initiatives. This support will include:

* Practical advice and support for companies who want to develop new products and new markets.

* Access to a world-class programme of management and leadership development through leading business and academic thinkers.

* Experienced business mentors matched to growing businesses to support their ambition and growth.

* Support for businesses who want to develop their workforce. * Help for businesses seeking accommodation.