Business support across the South West peninsula through City Deal
Thousands of businesses will benefit from extra support and funding through the City Deal.
As well as the creation of a marine industries production campus at South Yard, a key part of the deal is to provide effective business support across the board.
From the global players, worth millions of pounds, to individuals looking to start up a company, the second part of the flagship proposal is a targeted business support programme with £6 million 'new' money from the Government.
A suite of initiatives will be rolled out to get companies across the peninsula to access foreign markets and tap into expertise that is available on a local and national basis.
There will be a concentration of specialist support to the marine industry, but an array of practical initiatives will be on offer to the area’s 20,000 businesses which aim to fill recognised gaps of support, tackle the low rates of productivity and help businesses up their game on a regional, national and international basis. Initiatives include:
* Expansion of GAIN – the Growth Acceleration and Investment Network – to support micro, small and medium-sized businesses to reach more markets. Founded by Plymouth University, Plymouth City Council and Tamar Science Park, the network was set up to bridge the gap between higher education and business, access to research, innovation and finance. Already working successfully with high growth companies, it will open up to smaller companies and help them find the right support
* A school for start-ups, helping hundreds of people to start a business with access to loans
* A host of partnership and networking events
* Support from the UKTI to encourage businesses here to develop export potential
* Peninsula-wide business advisors in addition to existing area-based advisors to help companies get the most appropriate support such as specialist providers, training and access to finance.
* Rewards for innovation
* Better inward investment co-ordination
Professor Julian Beer, Pro Vice-Chancellor (Regional Enterprise) said: “The City Deal will provide a supercharge to the regional economy and our efforts to develop and nurture high-growth, high-skill businesses, across the board. With the Growth Acceleration and Investment Network already in place, we can really hit the ground running and start to make immediate strides forward.”
Simon Barker, board member of Heart of the South West Local Economic Partnership and development director of Augusta Westland said: “Our last business survey showed that less than half of those who replied are selling goods beyond the South West. We want our brilliant businesses to think big – this is about giving them the tools, information and expertise to do this with confidence.”
Chris Gates, managing director of Princess Yachts said: “The City Deal is not just about more space for marine businesses; it is about better links between companies in different locations, sharing expertise and support so that together we can all reach our potential – to be world beaters.”
Research has shown that lack of support take up has been due to lack of awareness as well as a belief that much of what is on offer does not apply to smaller business.
Chair of Plymouth Chamber of Commerce, Paul Wood said: “There are business support programmes out there, but time and capacity are real issues for some of our smaller businesses. We need to make it as easy as possible for them to get involved, galvanise into raising their game by helping them with tailored information and advice.”
