A fund set up to support business growth and employment in Gainsborough has helped five local businesses to expand their operations and create approximately 50 new jobs.
The Gainsborough Growth Fund has assisted two large manufacturing companies, AMP-Rose and Eminox, to relocate to purpose-built sites located in the town’s industrial areas, as well as accelerating the growth of three local SMEs.
The three SMEs – a B2B supplier, an engineering firm and a scaffolding company – have used the funding to invest in more suitable premises, equipment and additional people.
Since January, £336,000 of Growth Fund money has been allocated to assist these businesses’ expansion plans – with the aim of delivering approximately 50 new jobs in Gainsborough over the next two to three years.
Nick Lyons, director for Eminox, said: “Eminox moved to a new factory in Gainsborough in 2013 to support future growth plans for the business and West Lindsey District Council was very supportive of our move.
“In particular the Growth Fund has helped us upgrade our test facilities, which are a key source of competitive advantage and essential product development tool for Eminox”.
West Lindsey District Council is keen to see other employers in the town apply for grant assistance via the fund.
Marina Di Salvatore, grants and project officer in the council’s Growth Team, said: “Emissions technology company Eminox has used the fund to assist with its relocation to a new factory on the Corringham Road Estate. Similarly, AMP-Rose, which supplies packaging machines to the confectionery industry, applied to the fund when relocating to new industrial premises in Somerby Way.
“It’s pleasing to see two of our larger employers benefiting from new manufacturing sites. As a town which has a lot of micro businesses, we would also like to encourage small SMEs to apply to the fund if they too are looking to expand and create jobs. We’re interested in hearing from businesses in any sector as long as they can fulfil our eligibility criteria.
“Supporting such applicants can also have a positive impact on the town’s wider regeneration objectives. One of the three small businesses to receive money from the fund has, for example, created great new office space from what was previously a derelict building. We’re hoping that other run-down premises, including shops, can similarly be regenerated through small local employers accessing the fund”.
Under the scheme eligible businesses can apply for grants or loans of between £10,000 and £100,000 to support their capital activities, including investment in new sites and premises and/or the purchase of new equipment. The amount applied for should be no more than 25 percent of the total project cost and businesses are expected to provide match funding to cover as much of that cost as they reasonably can.
Grants of up to £10,000 are also available from the initiative’s Feasibility & Planning Fund, to assist with the professional fees and technical work associated with site and premises development.
Di Salvatore added: “Gainsborough is already home to mayor employers such as Ping who are very supportive of the town. There is however a good opportunity via the Growth Fund for other businesses to invest here and bring new employment opportunities. There really couldn’t be a better time for businesses in the town.
“It could be that a company currently has expansion plans in the pipeline and is looking to secure the necessary funding. They may well be eligible to apply to the fund for help towards the cost so we recommend they contact the Growth Team for more information”.
According to Gainsborough’s Local Plan, more than 3,000 jobs will need to be created to support the town’s planned housing expansion over the next 20 years. Manufacturing, agri-food and the visitor economy have been identified as key growth sectors by Greater Lincolnshire Local Enterprise Partnership.