Somerset set to benefit from government growth fund investment
The latest announcements about projects and programmes that will receive investment through the government’s Regional Growth Fund bring opportunities and optimism for the Somerset economy, according to Somerset Chamber of Commerce.
South Somerset based helicopter design and manufacturing company AgustaWestland was announced on 11 July as one of the successful bidders in Round 4 of the Regional Growth Fund.
It will be taking a share of a £506million pot of government funding that aims to help organisations expand their operations, create new jobs and stimulate private sector growth.
Rupert Cox, CEO of the Somerset Chamber, comments: “This is fantastic news, not just for AgustaWestland but also for the many smaller Somerset businesses that work with AgustaWestland, bringing opportunities for business growth to the wider supply chain.
“The Regional Growth Fund is one of many pots of money currently available to help businesses grow.
As companies become increasingly positive about the future, it’s a great time to take advantage of the resources available to aid business growth, whether through funding, collaboration or export.”
Of the 102 selected companies and intermediaries in Round 4 of the Regional Growth Fund, nine were from the south west, representing £19million of investment.
This is expected to create or safeguard 2,300 jobs in the South West over 10 years.
The Somerset Chamber of Commerce represents and works collaboratively with the Somerset business community to encourage strong, sustainable and creative alliances that promote members’ businesses, raise the profile of the county, and help to lobby for greater influence for Somerset at all levels of government.