WITH unemployment in areas of Nottingham hitting nearly 10 per cent, any funding which is likely to bring jobs to the city is to be welcomed.
The Government has announced a triple-boost for the regional economy – including a £10 million cash injection for technology firms.
The Nottingham Technology Grant Fund (N'Tech) could create more than 1,000 new jobs, both directly and indirectly, by making grants available to health, science, digital and green technology businesses .
It is one of three measures announced under the Government's Regional Growth Fund which should benefit Notts. The others are £5 million for the D2N2 local enterprise partnership, and a share of £14m for three companies – BCM Limited, Romax Technology and Guilford Mills.
City council deputy leader Graham Chapman said: "This is excellent news for Nottingham. It will create new jobs for local people and provide a very welcome economic boost."
Craig Chettle, managing director of Confetti Media Group, said the Nottingham Technology Grant Fund would boost the city's strength.
"The grant will allow the city to build on its already excellent reputation in the green tech, life science and digital technology sectors," he said.
Toby Reid, director of BioCity, a centre for science firms in Pennyfoot Street, Nottingham, said: "The grant scheme will be a brilliant boost for early stage technology companies and the city alike. We are extremely excited."
The fund will offer grants of between £20,000 to £1 million for businesses focused on the development of new technologies, and capital investment in equipment or infrastructure.
Dan King, head of knowledge transfer at the University of Nottingham, said: "This is excellent news for local businesses. It is vitally important that small businesses are able to access the funding that they need to innovate. The N'Tech fund also provides another route for university spin-out businesses to gain the all important finance they need to develop new ideas and take their technologies to market."
Details of how to apply for funding from the scheme will be revealed at a later date.
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