Last updated at 16:29, Friday, 03 August 2012

Businesses in Cumbria may soon be able to apply for a slice of a £1.4 billion fund.

Suzanne Caldwell

Cumbria Local Enterprise Partnership, working with Cumbria Chamber of Commerce and Cumbria County Council, has put together a bid for stage three of the government’s Regional Growth Fund.

The fund, launched in 2011, aims to stimulate enterprise by providing support for projects with significant potential for creating long term, private sector-led economic growth and sustainable private sector employment.

Round two of the fund saw £2 million given to Carlisle’s Pirelli tyre factory, £5.5m pumped into Britain’s Energy Coast in west Cumbria and £2.75m given to the Gilbert Gilkes & Gordon pump and hydro-electric turbine plant in Kendal.

But as the minimum award is £1m, which must be matched by private investment, small and medium-sized businesses are unable to qualify.

This led Cumbria’s LEP, Chamber of Commerce and county council to submit a county-wide bid in round three, which would mean firms would be able to apply for part of several million pounds worth of funding if the bid is successful. It is hoped the money would create scores of jobs.

Cumbria Chamber of Commerce’s head of communications and business services Suzanne Caldwell said: “The bid is hoping to attract funding in four key areas: specialist manufacturing, exporters, low carbon and renewables, and small and medium-sized enterprises.

“The reason for this is there is a very high reliance on SMEs in the county and it’s important to develop those if we want the county to grow.”

Shortlisting for round three is now taking place, and if Cumbria’s bid is successful, it is anticipated the fund would be publicised from about October or November.

First published at 14:10, Friday, 03 August 2012
Published by http://www.cumberlandnews.co.uk