A thousand new jobs could be created in Suffolk and Norfolk through a £9m illion pot at the New Anglia Local Enterprise Partnership (LEP).
The money, given by the Government, will bring the LEP’s Growing Business Fund up to £12million.
Davina Tanner, New LEP board member responsible for the grant scheme, said: “This is tremendous news for businesses right across the LEP area.
“The purpose of the scheme is to encourage businesses thinking about expanding who have either been unable to secure bank finance or for other reasons want to grow but can’t.
“We’re really pleased with the level of interest amongst businessess and the expansion of the scheme will make a real difference.”
The scheme gives grants of £25,000 to £100,000 towards business expansion projects, and will now aim to help create at least 1,000 new jobs.
Vince Cable, Secretary of State for Business officially launched the LEP fund in April.
Businesses looking to get a grant need to show they have sourced £4 for every £1 of grant which means overall the £12million should see firm’s access a further £48 million of private sector funding.
“Our role is to encourage business growth and the Growing Business Fund is doing just that,” said Ms Tanner.
“Vince Cable was impressed with the scheme when he visited, and so we are delighted the Government has backed us in expanding the scheme.”
More than 120 business have lodged an interest in the scheme.
The first round of applications is due to be considered later this month and awarded in the autumn.
For more details visit: www.newanglia.co.uk/Activities/Growing-Business-Fund