By Daniel Hunter
Businesses in Coventry and Warwickshire received a boost this week with the news that they will receive £4.8 million from a national funding initiative.
It has been suggested that the funding could create more than 1,000 jobs and leverage nearly £42 million into the sub-region.
The Coventry and Warwickshire Local Enterprise Partnership (LEP) Board has approved the applications for ten projects to receive grants from round two of the Government’s Growing Places (GPR2) funding scheme.
Unipart Group, Richmond Design and Marketing Limited, Expert Tooling and Automation Limited, Envisage Group Limited, Lear, Covrad Heat Transfer Limited, Warwick Manufacturing Group in Coventry and Drive System Design Limited in Southam and SMT Developments Limited in Warwick will benefit from the funding.
Sir Peter Rigby, chair of the CWLEP, said the standard of applicants has been extremely high and it had been a tough choice.
“The £4.8m in grants will leverage nearly £42m in private investment by the ten companies which is a massive show of faith in the skills of the workforce and the region’s long-term growth plans,” he said.
“As well as creating over 1,000 jobs, the GPR2 funding will safeguard a further 300 jobs in Coventry and Warwickshire.
“This funding will kick-start a number of initiatives to boost jobs and create economic growth sooner rather than later and the projects will be started as soon as possible.
“These companies very much represent the best of our engineering and manufacturing capabilities, and therefore perfectly reflect the thrust of our City Deal bid.”
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