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Barbara Follett MP speaking at EEDA's business support seminar

£8.5 million to boost innovative business during downturn

7 April 2009

East of England businesses developing new products can take advantage of more than £8.5 million worth of grants, the East of England Development Agency (EEDA) announced today.

Grants for Research and Development of hi-tech products and Proof of Concept Funds - which help businesses to test the market for new business ideas - have benefited from a major cash injection by the European Regional Development Fund (ERDF). The new ERDF money aims to encourage more applications from companies developing low-carbon projects.
 
EEDA’s announcement was made at the first in a series of government Real Help for Business road-shows, hosted at Cranfield University. The event was led by EEDA’s chief executive Deborah Cadman and Barbara Follett, Minister for the East of England. Business leaders from around the region gathered to discuss what support and guidance is available to help businesses through the recession.

Businesses were given the opportunity to raise issues with banks and Business Link advisors and look at what more needs to be done at a regional level to ensure companies are able to access the support they need.

EEDA’s chief executive Deborah Cadman said:

“There is no doubt that it remains a tough time for businesses and EEDA’s number one priority is to make sure companies in this region are well prepared to weather the storms. But despite the downturn, there are still businesses across the East of England - the UK’s ‘ideas region’ - developing new products and looking to conquer tomorrow’s markets. It is ambition like this that can help drive the UK out of recession.”

“The importance and potential impact of our £8.5 million investment in innovative businesses should not be underestimated. We know, from recently commissioned reports, that typically every £1 that EEDA invests delivers a return of between £3.70 and £5.80 for the region.”

Barbara Follett, Minister for the East of England, said:

“Access to finance for working capital and investment can mean the difference between success and failure for businesses in the East of England   The government’s package of measures, including the Working Capital Scheme, Enterprise Guarantee Scheme and Capital Enterprise scheme, are designed to give them just that and it was good to hear examples today of where these have made a real difference to businesses in our region.   Those concerned about securing funding should get in touch with their local Business Link as soon as possible to find out more about the help available.”

Details of the government’s Real Help for Business portfolio can be found on Business Link’s website – www.businesslink.gov.uk/realhelp. 

To find out more about EEDA’s grants for innovative businesses, visit www.eeda.org.uk/financeforinnovation.

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