Thousands of businesses are set to benefit from extra support and funding through the Plymouth and South West Peninsula City Deal. The deal, which is expected to deliver 10,000 jobs and growth for 25,000 businesses was signed off by the Cabinet Office on Friday 18th January 2014.
With plans to open up Plymouth’s South Yard, the City Deal could see £296million pumped into the region over the next 15 years.
As well as the creation of a marine industries production campus at South Yard, a key part of the deal is to provide effective business support across the board to businesses in Plymouth and the South West Peninsula. A suite of initiatives will be rolled out to help companies across the peninsula access foreign market and tap into expertise available at a local and national level.
Activities forming the City Deal include:
- Expansion of GAIN, Plymouth University’s Growth Acceleration and Investment Network using £5.8million of Regional Growth Funding, to support micro, small and medium sized businesses to grow and reach more markets. Founded as a tri-partnership between Plymouth University, Plymouth City Council and Tamar Science Park the network was originally set up to bridge the gap between higher education and business, access to research, innovation and finance. Already working with high growth companies GAIN will open up to smaller companies to help them find the right support.
- A host of partnership and networking events.
- Support from the Chamber to help businesses access specific export markets, particularly high growth markets like Mexico, India and Brazil, but also more traditional export markets across Europe.
- The Chamber will enable businesses to provide internships for foreign students to gain work experience, but also to deliver export related projects, such as market research and identification of potential buyers in target export markets.
- Additional support from the UKTI to help businesses develop web-based export potential and sell on line, both at home and abroad.
- Peninsula-wide business advisors in addition to existing area-based advisors to help companies get the most appropriate support such as specialist providers, training and access to finance.
- Investing in the skills of the next generation, helping 1,500 young people into work through expansion of Plymouth’s successful 1000 Club and a package of initiatives aiming to give the next generation skills.
The Plymouth and South West Peninsula City Deal is supported by Plymouth City Council, the Heart of the South West LEP, Plymouth University, Devon County Council, Cornwall Council, Cornwall and Isles of Scilly LEP, West Devon Borough Council, South Hams District Council, Torbay Council, City College Plymouth, Exeter University, South West Marine Energy Park (SWMEP), Devon Chamber of Commerce, Babcock, Princess Yachts and Plymouth Marine Laboratories. The peninsula’s MPs have also backed the deal and lobbied at Whitehall on behalf of the region.
Keep up to date with the progress of the City Deal project see our Chamber news here.
To receive email updates on the City Deal please click here
Want to know what the City Deal can deliver for your business? Read our briefing note here
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