11th July 2013, 8:46am
Million-pound funding pot will create new jobs
Director of Research and Enterprise, Andrew Stevenson (courtesy of Lincolnshire Echo) Lincoln businesses will benefit from up to £1 million of funding to create new jobs and grow the local economy.

The Lincoln Growth Fund (LGF) has been launched after a successful bid to the Government’s Regional Growth Fund from the University of Lincoln, with partners the Lincolnshire Echo and Lincolnshire Co-operative.

Delivered by the University, on behalf of the world-class Lincoln Science and Innovation Park (LSIP), the LGF aims to create 135 jobs and provide grants averaging £50,000 to around 20 businesses in the city.

Professor Mary Stuart, Vice Chancellor at the University of Lincoln, said the LGF cemented the institution’s key role in securing and promoting the economic well-being of Lincoln and the wider region.

She said: “Securing this funding is evidence of our desire to see the city prosper and maximise job growth potential. This investment will be of direct benefit to many local businesses and the wider impact will be seen across Lincoln, offering numerous employment opportunities. It will also help LSIP contribute to a greater aggregation of jobs and employers within the one location, supporting interactions between the enterprise and knowledge bases in Lincoln. This successful bid for funding highlights the efforts of the many fantastic businesses already based in Lincoln and I look forward to seeing our city continue to thrive in the coming years.”

Subject to final contracts being signed and an initial screening process, businesses will be invited to apply for a share of the funds, demonstrating their capacity to create sustainable jobs.

Almost all industry sectors can apply and funding can pay for a range of requirements including capital equipment, software, improving business premises and recruiting skilled staff.  The Fund will run until 2015.

The University will lead the delivery of the programme, with support from the Lincolnshire Echo and Lincolnshire Co-operative.

Lincolnshire Echo editor Steven Fletcher said: “This is fantastic news for the city of Lincoln and the people who live and work here. The Regional Growth Fund was set up to stimulate economic growth and generate sustainable employment and this is exactly what our plans will do in the city. More than 300 bids were made for a slice of this cash and to be among those which were successful is excellent. It is testament to the efforts of all involved, particularly our partners at the University, who are seriously committed to creating jobs and supporting our city’s excellent entrepreneurs. The Lincolnshire Echo is proud to be part of the legacy that this innovative project will leave behind.”

Chief Executive of Lincolnshire Co-operative Ursula Lidbetter said: “This is a major boost to the economy of Lincoln and will start to bring to fruition our plans to build on the excellent companies in the city through the development of the Lincoln Science and Innovation Park, a new joint venture between the University of Lincoln and Lincolnshire Co-operative. It will create new jobs, new momentum and build on our excellent innovation culture.”

The Lincoln scheme is just one of 102 projects that have been successful in taking a share of a £506 million pot of funding, announced today by Deputy Prime Minister Nick Clegg following the most competitive round of the Fund so far.

The companies will take a share of a £506 million pot of funding to attract significant private sector investment and create thousands of jobs across the country.

Other successful projects in the East Midlands include: Dynex Semiconductor Limited; Bifrangi UK Limited; UK Stem Cell Provision (Anthony Nolan); and Chinook Sciences Limited.

Although the Fund is not yet open for applications anyone wishing to express their initial interest can e-mail Lincolngrowthfund@lincoln.ac.uk
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