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Borough businesses urged to bid for share of £6m county growth fund

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Borough businesses urged to bid for share of £6m county growth fund

Colwick metal firm gets over £175k in funding to help create a number of jobs locally

Businesses across Gedling borough are being invited to bid for a share of a £6m fund to boost economic growth and create jobs in the county.

So far, around £2.35m of the Nottinghamshire Economic Development Capital Fund (NEDCF) has been awarded to 19 companies – including one from Colwick.

The money has helped firms awarded cash create 269 new jobs and 27 apprenticeships, safeguard a further 446 posts and lever in £17.3m in additional investment from banks, other public funds and businesses.

Now businesses are being invited to apply for the remaining £3.5m available.

Grants of between £20,000 and £250,000 are available for firms to invest in capital projects if they can provide evidence to show they will create or secure sustainable jobs.

Goodman metal works in Colwick is one of the firms who successfully secured funding after submitting a bid.

The company, which was set-up in 1964, specialise in large metal work fabrications up to 25 tonnes.

They received £178,000 which they used to increase production capacity through additional workshop and office space, refurbishment and purchase of new capital equipment to support steel fabrications.

The investment will create 12 new jobs and four apprenticeships.

Councillor Diana Meale, chair of Economic Development Committee at Nottinghamshire County Council – which created and oversees the NEDCF – said: “Creating jobs and growth in Nottinghamshire is a priority for the County Council, so I’m delighted with the progress made through the fund so far and look forward to it supporting more growth and job creation in the near future.

“With more than half the fund still available, we’re already well on the way to our target of creating 550 new jobs and have already surpassed our aim of safeguarding a further 350 posts.

Full details about the fund, criteria and application forms are now available from the County Council’s website at www.nottinghamshire.gov.uk/capitalfund

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