news 5
£14m funding package to mitigate ship building loss
Following the disappointing news that ship building operations at Portsmouth Naval Base will cease in the second half of 2014, the Solent Local Enterprise Partnership (LEP) acted quickly to launch a £14 million package of support to mitigate the impact of this decision on the Solent economy.
Over £7m of funding support has been made available, which includes:
• The £4.7m Solent Futures support fund for businesses in the ship building supply chain that is already up and running. It is designed to help businesses restructure to support the maintenance of the two aircraft carriers, which are to be based in Portsmouth.
Base supply chain and we can now announce that the remaining £5m will be used to support the up-skilling and re-skilling of BAE staff facing redundancy.“
The Government has also announced a further £2m for the Bridging the Gap RGF project, supporting start-ups and growing local SMEs, bringing total funding for this scheme to £6m. This latest funding will be for affected SMEs and ex-employees of BAE who want to access start-up funds.
The deal will also include a Skills Investment Strategy and Skills for Growth Fund to help local people gain the skills employers need. Complimentary initiatives will also tackle long- term unemployment and youth unemployment and enable small and medium enterprises to grow by providing effective business support.
The deal has been agreed following negotiation over several months and is the latest of the second wave of City Deals to get the green light from government.
• A further £3m in the latest round of the Growing Places Fund will also now be encouraging bids from affected businesses that are looking to protect jobs or are seeking financial support to take forward research and development, new innovations or the application of lean manufacturing techniques in the advanced manufacturing sector.
The LEP is also finalising detail on additional funding initiatives in the region of £7m.
See page 8 for more ...
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – DECEMBER 13/JANUARY 14
www.businessmag.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40