Friday, July 22, 2011

News: RiDO secure funding to support SMEs


Key business sectors in the Rotherham area are set to gain as part of a new £3m project which aims to accelerate expansion within the private sector.

Rotherham Investment & Development Office (RiDO), the regeneration arm of Rotherham Metropolitan Borough Council, has secured the funds to undertake the South Yorkshire Sector Growth Enhancement Programme along with regional partners.

The programme aims to increase the competitiveness of SMEs in the region with high growth potential whilst at the same time delivering sustainable new job opportunities. Support will be available to both inward investors and expanding indigenous businesses in sectors such as advanced manufacturing; creative and digital industries, business services and logistics.

The support available includes help to; start up and grow new businesses; find new sites and premises; relocate businesses into the Rotherham area, recruit and train staff, and take advantage of local business opportunities through links with key supply chain partners.

The four year programme budget is worth approximately £3m, of which £2m is derived from the European Union's Yorkshire & Humber ERDF Operational Programme (2007-2013), which is investing €583m by 2013 to support economic growth in Yorkshire and The Humber. The balance of the money will be provided as match funding by the four South Yorkshire local authorities.

Councillor Gerald Smith, Cabinet Member for Regeneration said: "Rotherham is already home to world-leading businesses such as AESSEAL, Stanley Tools, and Morphy Richards and continues to be an attractive investment location, as shown by the recent announcements around the Rolls Royce factories at the Advanced Manufacturing Park (AMP), the Visions of China project, and the arrival of US firm Thetford at Manvers.

"Over the past 15 years RiDO has done an excellent job in helping develop and expand Rotherham's economy, assisting both new investors and our own home-grown businesses. Securing the funds for this programme will allow this important work to continue, and furthermore increase the support available to our SME companies."

This is the second major ERDF funded project that RiDO has attained in recent months, following last month's news of the "Soft Landings Zone" (SLZ) project which will both help foreign businesses locating into the region, and existing local businesses that are considering taking their first steps to develop business opportunities overseas. The SLZ project will be managed through RiDO's Business Centres which have been awarded the Incubation Champion Award for 2011 by UK Business Incubation (UKBI), the leading professional body in the field.

Rotherham Investment & Development Office


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