A total of 473 jobs will be created or safeguarded in Northamptonshire as a result of the successful delivery of a business grant programme, new projections indicate.
A totalof £1.2million grant funding has been bid for through Regional Growth funding, secured by Northamptonshire Enterprise Partnership (NEP) and allocated to 40 local businesses, since its launch by Vince Cable MP in March 2013.
With an initial target to secure 300 jobs by 2016, commitments from successful grant beneficiaries have now exceeded this, forecasting 473 jobs in the county.
Businesses across the county have benefited from RGF Funding.
Kevin Brown, group managing director at Hi-Force based in Daventry, one of the businesses that received a grant, said: “The funding we received has helped us to really accelerate our growth plans both in terms of increased manufacturing capacity and additional staff.
“We have invested in new machinery and tooling at our Daventry facilities and also expanded our office space and taken on extra employees.”
As a result of the funding, an additional £9,775,861 of private sector investment has been secured for the region – almost three times the target of £3,456,000. The RGF funding has also stimulated an additional £500,000 of grant funding from the European Regional Development Fund (EDRF) to further boost the programme.
Jo Lappin, CEO of Northamptonshire Enterprise Partnership said: “The success of RGF in Northamptonshire has shown just how well this kind of funding can work and it’s really positive that Government announced further funding for the programme. We’ve already achieved over 50 per cent more jobs than forecasted with this funding providing our local businesses with the support they need to keep growing.”