Liverpool SMEs to benefit from £2.3m fund to boost growth, innovation and jobs
Small and Medium-sized Enterprises (SMEs) in Liverpool are set to receive grants of between £25,000 and £75,000 from the High Growth Innovation Fund.
Six key areas: sustainable industry, zero carbon, health innovation, digitalisation, culture and ‘tech for good’. Fund aimed at driving jobs, innovation and prosperity.
A total of 40 businesses are to share Liverpool City Region’s £2.3m High Growth Innovation Fund.
Funded by the Liverpool City Region Combined Authority and the European Regional Development Fund, grants of between £25,000 and £75,000 have been awarded to high growth businesses.
The awards, announced today, were made across six city region priority areas: health innovation, digitalisation, culture, zero-carbon, sustainable industry and ‘tech for good’.
Steve Rotheram, Mayor of the Liverpool City Region, said:
“SMEs are the cornerstone of our economy, accounting for 99% of all businesses in our region. They’re essential, not only to our current success, but to our long-term economic prosperity.
“”I WANT TO HARNESS THE EXPERTISE HERE IN OUR REGION AND ESTABLISH OURSELVES AS A LEADER ON THE GLOBAL STAGE. WE ARE GOING TO SUPPORT THE INDUSTRIES OF TOMORROW TO EXPAND, HELPING US CREATE WELL-PAID, SECURE JOBS AND TRAINING OPPORTUNITIES FOR LOCAL PEOPLE, DRIVE GROWTH, ATTRACT INVESTMENT AND BRING GREATER PROSPERITY TO OUR COMMUNITIES.
“We can only achieve that that by empowering our SMEs to grow and succeed – and I’m hoping this investment will help to unleash their full potential Our region is already home to one of the country’s most advanced tech clusters in the country – and the appetite for their services is only going to grow as we become an increasingly technological society.”
Successful projects range from a system that’s helping to make shipping more fuel efficient, to paint recycling, and a scheme that turns waste food into health products.
Other winning projects include a digital wellbeing support system for new parents, creating an air drum kit, and development of a Huyton Innovation Centre to turn local people’s ‘passions into prosperity’.
Launched in May this year, the High Growth Innovation Fund (HGIF) is one strand of the £6.6m LCR High Growth business support programme aimed at driving jobs, innovation and economic prosperity. Its predecessor, the Future Innovation Fund (FIF), provided a total of £2.1m to 35 city region businesses during 2020 and 2021.
The new fund, to be delivered by Growth Platform, will help businesses get new products or services to market or develop new processes to help them adapt and grow, contributing to the city region’s post-pandemic economic recovery.
It will also contribute to Mayor Rotheram’s ambition to invest 5% of regional GVA on Research and Development by 2030 – nearly double the government’s UK target.
The High Growth Innovation Fund benefited from £1.3m of European Union money, bringing the total investment with match funding from SME applicants to £4.48m.
Councillor Jan Williamson, Liverpool City Region Combined Authority Portfolio Holder for Inclusive Economy and Third Sector, said:
“Our small and medium sized businesses are the backbone of our economy – providing the bulk of our employment.
For more information about Liverpool’s High Growth Innovation Fund click HERE.
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