REDDITCH firms are being encouraged to submit their application for the fourth round of Worcestershire Growth Fund, before the April 13, 2017 deadline.
The programme is designed to enable companies to realise their growth potential by offering funding to help them innovate, generate employment and strengthen their position in the market.
Grants from £20,000 up to £100,000 are available and successful applications must result in increased business productivity, generate new and sustainable jobs based in Worcestershire, provide match funding of at least 50 per cent and comply with State Aid regulations.
One of the businesses who have benefited from a previous round of the fund is Redditch-based AlloyGator, manufacturers of durable alloy wheel protection systems. Investment from the Worcestershire Growth Fund has allowed AlloyGator to purchase equipment for producing new larger protection systems, which has enabled the company to secure large customer contracts in Japan, the United States and other countries.
AlloyGator invested a total of £41,005 as part of the scheme and this was matched through grant funding of another £41,005 from the Worcestershire Growth Fund. As a result AlloyGator are now predicting higher growth for the company and have also created 4 new jobs in the local area.
David Harvey, Director of AlloyGator, said: “The support from the Worcestershire Growth Fund has allowed us to invest in the equipment that we needed to manufacture new products and meet demand from our rapidly expanding global customer base.
“The development of new products has made it possible for us to secure significant customer contracts in a number of new territories including the USA, Sweden and Japan and the increase in demand and revenue has resulted in the creation of new jobs for local people at our headquarters in Redditch.”
For more details visit www.business-central.co.uk/worcestershire-growth-fund or call 01905 677888.
