Wednesday, March 28, 2018

News: £7m in EU funds to support businesses in SCR

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A number of projects to support businesses in the Sheffield city region (SCR) have been developed to utilise European funding before Britain leaves the European Union (EU).

Structural funding from the EU is seen as integral to meeting the targets in the Local Enterprise Partnership's (LEP's) Growth Plan, which has set an ambitious target of creating 70,000 new jobs in the SCR by 2023.

The latest calls total £7.2m in EU funds and are asking for projects and programmes around supporting small and medium-sized enterprises (SMEs).

Up to £2m is available for a project based around the Digital Action Plan produced by the LEP and supporting small and SMEs in the digital sector.

Up to £1m is available to encourage small companies in the city region to invest in innovation and research and development. The call states: "Current evidence indicates that this is a particular weakness in the city region's innovation system – where the SCR ranks 36th out of the 38 LEPs in England in respect of business investment in research and development."

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A project to improve supply chains is set to receive £2.2m. It is set to provide interventions such as the provision of intensive and bespoke diagnostic, coaching and training within SMEs operating in the advanced manufacturing, engineering and aerospace industries and related supply chain.

High growth SMEs are set to be targeted with a project where up to £2m is available. Proposals are sought that provide an enhanced and complementary offer to existing programmes, such as the SCR Growth Hub, "that specifically target high growth, scalable early stage businesses, or ambitious entrepreneurs seeking to start new enterprises with the ability to grow innovate and develop higher value jobs."

Up to £1m is available for a three year project to help SMEs overcome barriers to business expansion by enabling them to take advantage of graduate talent that might otherwise be lost from the Sheffield city region. It echoes the successful RISE project which has been running for a number of years and recently launched a search for its latest cohort.

Social enterprises are set to be supported in a project where up to £1m is available. This call is seeking to provide additional sector specific support for social enterprises referred from the Growth Hub, New Business Strand and European Social Fund provision to help grow the scale and scope of the social economy in the SCR.

Rothbiz reported in December on calls which totalled £36.7m in EU funds for the SCR.

Chancellor Philip Hammond confirmed in 2016 that the Government will guarantee EU funding for signed structural and investment fund projects which continue after the UK has left the EU in 2019.

The Government has also confirmed that following the UK's departure from the EU, it will launch the UK Shared Prosperity Fund, using money returning from the EU to provide funding for economic development and local growth across the UK.

SCR website

Images: European Commission

3 comments:

Anonymous,  March 28, 2018 at 1:29 PM  

CORRECTION This is not EU funding It is a small amount of money we get back from our payments
And we have to spend our money only on projects that the EU says so.

Anonymous,  March 29, 2018 at 10:10 AM  

When an area secures money from the Department for Transport it would say Government funding rather than tax payer's money.

Anonymous,  April 1, 2018 at 4:52 PM  

It still makes my teeth itch seeing the word Sheffield in all things south yorkshire. How our council allowed our identity to be subsumed into Sheffield is shameful!

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