Close Brothers have distributed funds awarded by the government in round three of the Regional Growth Fund to firms in the print sector, which it says has created 565 jobs.
The company has calculated that 39% of the £30 million fund has been awarded to firms in the print sector.
The RGF awards grants to small and medium sized businesses, supporting private sector investment to create economic growth and sustainable employment across the English regions.
Managing director of the Print Division at Close Brothers Asset Finance, Basil Bannayi, said, ‘To date we have delivered RGF grants to 263 print businesses across the country, accounting for 39% of the total funds we’ve awarded to SMEs across a range of industry sectors.
‘This equates to almost £12 million worth of grants to print businesses, all of which has been used to contribute to deposits on important asset purchases. It’s a particularly significant boost for the print industry given the high level of underinvestment in new machinery and equipment throughout the recession,’ he added.
Close Brothers Asset Finance was also awarded a further £40 million in round five of the RGF.
Mr Bannayi added, ‘With RGF funds still to allocate, I’d like to encourage more print businesses to consider it as a way to invest and achieve growth.
The size of the grant awarded is based on the level of proposed investment, the size and location of the business, and the number of full time posts being created or retained. For every one job created or retained, a grant of up to £10,000 is awarded – up to a maximum of 20% of the proposed investment.
