The head of a Bourne business providing computer software for the food industry has backed a funding scheme with £1.4 million still to give out.
Mark Wood, founder and managing director of Point74 whose clients include Bakkavor Group, Hilton Foods and the Kerry Group, claimed that a £17,000 grant from the Greater Lincolnshire Business Capital Growth Fund has paved the way for his business to expand.
The fund, managed by Lincolnshire Chamber of Commerce, was set up in April 2014 with a £2 million grant from the Government’s Regional Growth Fund to assist businesses in capital projects designed to create new jobs.
Mr Wood said: “We set up Point74 in 2007 to help food manufacturers in designing recipes from kitchen through to product launch stages.
“The grant was used, alongside some borrowings, to invest in refurbishing our new premises in Bourne software which will allow us to go from employing 20 to 30 people over the next few years.
“Applying to the fund was very useful for us because we weren’t looking at an insignificant amount of investment to help us expand the business and it was a very straightforward process.”
So far, £600,000 has been awarded by the fund which is expected to create more than 120 jobs and safeguard another 60 over the next 20 months.
Simon Beardsley, chief executive of Lincolnshire Chamber of Commerce, said: “The Greater Lincolnshire Capital Growth Fund is aimed at supporting businesses by part-funding capital expenditure projects where businesses are unable to finance their plans entirely through conventional sources.
“We want to urge local businesses in need of assistance with their growth plans to contact us to find out how the fund could potentially help them.”
Grants of between £10,000 to £250,000 are available for investment in new technology, premises, training and machinery.
Ian Jones, the chamber’s investment readiness advise, said: “Where appropriate, businesses will be supported through the process and given advice on how to harvest the greatest reward from their request.”
For more details, visit http://www.lincs-chamber.co.uk/2m-regional-growth-fund