With SMEs facing more challenges than ever, initiatives are being implemented by governments and local councils around the country.
We caught up with Emma Gibson from the Thames Valley Berkshire LEP, who spoke to us about exactly what the initiative is and how it will help small to medium sized businesses in the area.
Hi Emma, thanks for joining us!
So firstly let’s get to know exactly what the Thames Valley Berkshire LEP is?
Thames Valley Berkshire LEP is a business-led partnership between local businesses, academia, voluntary organisations and local government with a remit to boost the economy of the sub region and stimulate growth in the rest of the UK. Our vision is to develop an economic environment that supports a thriving and prosperous community now and in the future, and establish an economy that attracts the best students, businesses and investment from around the world.
This sounds promising! So how exactly are you doing this?
The LEP was allocated £15m capital as part of the Government’s Growing Places Fund, which puts the emphasis on growing the local economy, infrastructure, housing and jobs. It was clear in terms of job creation that we needed to create the next generation of businesses, which is why we dedicated a significant proportion of the money to the Funding Escalator; a unique approach to the use of the Growing Places Fund. The lending policy is based on sectors, growth cycles, and match funding, and aimed at job creation as much as business growth.
You have £7.3 million from your Funding Escalator to invest in Thames Valley Berkshire businesses, who do you think will benefit most from this?
The scheme provides finance to early development, innovative high growth SMEs that have the potential to deliver significant growth and employment in the Thames Valley Berkshire.
What effect will this funding have on local SMEs?
We expect the impact of the scheme to be positive by helping businesses to grow and expand that can contribute to job creation and the prosperity of the sub region.
As a LEP, have you set certain goals you would like to see as a result of this initiative?
The LEP expects to lend to 80 to 90 companies in the next three years. The Fund has already attracted 34 pre-applications worth £3.7m and seen nearly £1.8m of loans approved to 13 high-growth SMEs.
The Think Bigger team wish success to both The Thames Valley Berkshire LEP and to the businesses that are taking part!