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Grants of between £ 1,500 and £ 6,000 will be available to support businesses from all sectors to adapt to challenges due to Covid-19 . Funding can be used for activity that creates jobs , new products and services or increases productivity . For example , it could be used to :
• Buy new equipment , such as new IT equipment or machinery to produce a new product .
• Create new services , for example developing new digital marketing platforms to sell a new product or business service .
• Adopt new processes or ways of working , such as adapting premises to begin new production processes .
Businesses based in Bath & North East Somerset , Bristol and South Gloucestershire will be able to apply for the grants between 22nd March and 4th April . WECA will provide
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80 per cent of the funding and businesses will be asked to commit 20 per cent .
West of England Mayor , Tim Bowles , said , “ I want to make sure that our businesses and job creators are getting the help they need in these challenging times . These new grants are a direct response to what businesses are telling us they need to adapt , secure their recovery and seize new opportunities .
“ The West of England Growth Hub is our one-stop-shop to help businesses find what they need . Whether that ’ s helping them to trade online , get help with finances , kick start some research and development , or find a business mentor . Together , we ' re helping our businesses to adapt , improve their resilience and make get ideas off the drawing board .”
The West of England Recovery Taskforce , welcomed the new grants . The Taskforce ,
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made up of senior figures from industry , education and local government , was set up to drive the region ’ s economic recovery .
Taskforce member and Vice Chair of the West of England Local Enterprise Partnership , Katharine Finn , said , “ This new £ 900,000 fund will benefit up to 300 small and medium-sized businesses . They are for businesses from all sectors and of all sizes , from sole traders to those with up to 249 employees .
“ It ’ s good to see this new grant scheme , which is part of our Regional Recovery Plan , being launched . The recovery plan sets out how we will support businesses to adapt to the new economic landscape , as well as help residents to develop new skills , training and employment opportunities .”
Led by the West of England Combined Authority and the Local Enterprise Partnership , £ 9.4m has been committed
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to supporting the Regional Recovery Plan , taking WECA ’ s total investment in businesses and skills to over £ 100m over the next four years .
You can find out more about the grants , and apply via the West of England Growth Hub website , which provides SMEs with tailored one-to-one advice and access to finance , support programmes and expert guidance .
For more info : www . wearegrowth . co . uk
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The funding line will be used to buy and refurbish student accommodation or residential schemes across the South West of England with a focus on Bath and Bristol .
Bath-based Rengen provides global property services and has experience across a wide range of development sectors including residential , student , leisure , hospitality and commercial property .
The business focuses on the redevelopment of complex , brownfield sites in sensitive locations . It has completed and sold two previous portfolios of highquality sites in the South West including the Labour Exchange ( Bath ), Paintworks IV ( Bristol ) and Creswicke House ( Bristol ), and is about to launch its third £ 125 million investment portfolio to the market .
ICG is providing funding from its Partnership Capital strategy , which provides whole loans and subordinated
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capital , typically in support of refurbishments , redevelopments and other ‘ value-add ’ projects , with typical investments ranging from £ 20 million to over £ 100 million .
The partnership has already seen an initial £ 10 million investment in the region with work underway on a residential-led mixed-use project in Bath and a second similar project due to commence in Bristol in the near future .
Rengen CEO , Iestyn Lewis , said , “ Rengen and ICG are pleased to be able to deliver some positive news for the region and pledge this commitment of £ 40 million investment . It comes at a time of change for the UK given the Covid-19 pandemic and the UK leaving the EU .
“ Whilst 2020 was extremely challenging for everyone , we are looking forward to a positive 2021 and this investment pledge echoes our confidence in a strong recovery for the South West .”
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Martin Wheeler Co-Head of ICG Real Estate said , “ We are delighted to partner with Rengen . The company has a clear vision for where the opportunity lies and a clear plan on how to deliver it through its experienced management team . A key attraction to ICG is that the opportunity is |
underpinned by the strong occupational fundamentals of the residential and student sectors in the region .”
Rengen and ICG are looking for additional opportunities across the region . For more information contact : mail @ rengendevelopments . com
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6 www . tbebathandsomerset . co . uk |