2. Biz Network dec 21 jan 22 31-62.qxp_Chamberlink 29/11/2021 11:52 Page 46
CHAMBER NEWS
MEIF funding made available Growing businesses will be able to access a new £400m pot allocated to the Midlands Engine Investment Fund (MEIF). The funding was announced by the Chancellor in the Autumn Budget and will be used to target market gaps, with the latest generation of MEIF delivering scale growth capital for businesses via a new fund providing debt and equity to firms in the region. An additional £50m was allocated to the existing MEIF programme, delivered by the British Business Bank, to take this to £300m, ensuring continuity of resources while the next iteration becomes operational. This brings the total investment in the region to £700m. Since launching in 2017, the current MEIF has invested £142m in 460 Midlands SMEs, helping to leverage a further £150m of private sector funds – with forecasts this will create more than 3,800 jobs.
The Nuclear AMRC planned for Derby
Funding for Nuclear AMRC The development of a Nuclear Advanced Manufacturing Research Centre (AMRC) in Derby has been backed by more than £9m in funding. The D2N2 Local Enterprise Partnership (LEP) has awarded the money – including £6.9m from its Getting Building Fund and £2.2m from the Growing Places Fund – to Derby City Council, which is overseeing the project at Infinity Park. The Nuclear AMRC Midlands centre will cost £15m and provide about 46,000 sq ft of new floorspace dedicated to research and development, which will support productivity growth and sustainable practices within manufacturing. It will also help to position Derby, and the wider D2N2 area, as a key advanced manufacturing and innovation hub for the UK nuclear industry. Bringing together the University of Sheffield’s Nuclear AMRC and University of Derby’s Institute of Innovation in Sustainable Manufacturing (IISE), the facility will carry out research, innovation, supply chain development and teaching with the purpose of developing the skills and capability of businesses in the region and nationally. This
supports the UK Government objectives for net zero by 2050 and growth in manufacturing from 11% GDP to 20% GDP by 2030. Elizabeth Fagan, chair of the D2N2 LEP board, said: “Our recovery and growth strategy highlights the importance of low-carbon growth and raising productivity levels across our region. Our investments into Infinity Park and the Nuclear AMRC will play a critical role to in developing clusters of highly productive and sustainable businesses across D2N2 and supporting local economic development.” Locally, the facility will support SMEs to improve their productivity by providing access to high-quality R&D, tailored business support and opportunities to upskill their workforce, creating a broader and more resilient economic base. The Nuclear AMRC Midlands will deliver 70 direct jobs, support 35 collaborative R&D projects and support 100 businesses through the Fit For Nuclear supply chain development programme in its first five years of operation. Fifty learners will be supported.
If you’d like to join us, please contact Amanda on 07715 078 789 or at amanda.mcfarlane@vistablind.org.uk for your invitation and the meeting link. www.vistablind.org.uk Registered Charity No. 218992
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business network December 2021/January 2022