Tuesday, October 21, 2014

News: UK Steel Enterprise launches Equity Growth Fund

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South Yorkshire companies with plans for expansion and creating sustainable jobs will be able to benefit from a new £6m Equity Growth Fund launched by UK Steel Enterprise.

A subsidiary of Tata Steel, UK Steel Enterprise is inviting applications from companies interested in accessing funds of up to £1m to help drive growth and deliver job opportunities within their local communities. The finance will be available to support a range of projects, which can include securing larger premises, investment in new equipment, new technology or to support working capital needs.

UK Steel Enterprise supports the economic regeneration of communities affected by changes in the steel industry and has helped over 6,000 organisations to date. In Rotherham it has previously supported growing companies such as Macalloy, Assured Fire & Security and Approved Food, as well as setting aside funding to support young entrepreneurs through its Kickstart Fund.

The latest fund has received backing from the Regional Growth Fund (RGF), the government's main source of funding for economic development and regeneration.

Keith Williams, regional manager at UK Steel Enterprise (pictured, right), said: "This new fund allows us to invest more money in a greater number of companies to support their expansion ambitions. Part of the fund will be aimed at young, early stage companies with high growth potential, while established companies can apply for amounts up to £1m.

"Businesses with a clear strategy to drive recruitment opportunities in the local communities in which they operate are encouraged to get in touch and discuss the funding options available.

"As an organisation, we are committed to supporting sustainable business growth – making sure that we implement a finance solution that is appropriate, whilst ensuring that management teams retain full control of their company."

Greg Clark, minister for Universities, Science and Cities. added: "This £6m boost for the midlands and northern steel regions will support growing businesses as they create jobs.

"This investment from the Regional Growth Fund is a great example of how business and government can work together to create the jobs that are fuelling our recovery and building a stronger economy."

UK Steel Enterprise website

Images: UK Steel Enterprise

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