£10m fund secured for city businesses

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Liverpool waterfront Pic: Vegard Grott

The Liverpool City Region group has successfully bid for £10million funding that will help growing businesses in the region.

The Government announced a number of Regional Growth bids and one of these was a joint venture by Liverpool City Council and The Liverpool City Region Group.

It is hoped that the secured private funding will help the owners of small business find the investment that they need to in order to grow and create new jobs.

The money that has been secured will not directly go to the Mersey Partnership, but will provide help to businesses with an investment of £1 for every £5 that is invested by that business.

It is hoped that the £10m of investment will help the local economy and create jobs in the areas of Merseyside where it is most needed. The money promised is conditional until a process of diligence is undertaken by the Government and no money is likely to be distributed until the summer of 2013.

Robert Hough, the Chairman of the Liverpool City Region Group said: “We are delighted that Government has approved our bid. It will benefit businesses that want to grow and will allow us to create employment in the city region.

“We are not a cash recipient of the funding but we did put the bid together and it is down to the support of our members that we are able to bid for this type of fund.”

About Joe Lanigan-Smith, JMU Journalism