More support for South West businesses

9th Dec 2008

South West businesses battling the economic downturn are being supported with a raft of financial and advisory measures.

The South West RDA will:

- Set up a new Business Loan Fund of up to £10million for a small number of ambitious firms with viable business plans which are unable get support from commercial banks or private investors. Loans of up to £250,000 will be available early next year;

- Double the amount of money available to businesses under the RDA's Grant for Research and Development over three years. Businesses can apply for between £5,000 and £500,000 depending on the type of project. The next round of funding will be released on April 1, 2009 but businesses are strongly recommended to apply now to leave time for their applications to be appraised and for queries to be dealt with. For more information call Business Link on 0845 600 9966.

- Add to the almost £2m spent on the Graduates for Business programme, a scheme which gives companies access to the talents of undergraduates and university leavers. Enhanced funding will enable more graduates to be placed with, in particular, environmental technology and advanced engineering companies.

These are just three of a series of measures outlined in the South West RDA's 'Action for Recovery'. It spells out how the RDA will develop or expand its existing programmes in the face of the global economic downturn, especially the work of Business Link. Business Link acts as a gateway to an array of advice and support for small and medium sized businesses.

Stephen Peacock, South West RDA Executive Director Enterprise and Innovation, said: "The global economy is facing unprecedented challenges and for many of the region's businesses, simply surviving is getting tougher by the day. Responding to the short term economic uncertainty is of paramount importance. With our partners, we will be doing all we can to help businesses deal with the economic crisis and chart a course for recovery."

Stephen added: "This does not mean that we have shifted our focus away from investing in the long term health of the economy. We are still committed to developing a low-carbon economy, boosting productivity by investing in skills and innovation and making sure the region's key places are competitive and successful. We will come out of the global economic down turn. We need to ensure that when we do, the South West is ready to do business."

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