Two companies based in the heart of the south west area have secured almost £190k between them from an inward investment fund launched by the HotSW LEP last autumn.
The HotSW LEP ERDF Inward Investment Support Grant Scheme is a £900k fund designed to boost economic recovery and create new jobs in Devon, Somerset, Plymouth and Torbay. The grants of between £25k-£150k, which require match funding, are for foreign-owned businesses based in the region who are looking to grow, and seeking investment in equipment, infrastructure or new technologies. The LEP will shortly be reopening the scheme for further funding applications.
The first two companies to successfully secure grants from the fund are EFFECT Photonics and Vexcolt.