New City Deal provides boost for local business innovation

Business news

Friday 11 July 2014

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Businesses in Coventry and Warwickshire are set to benefit from a new support service offering advice, training and funding.

Coventry University Enterprises (CUE Ltd) is running the Business Innovation project as part of the new nationwide City Deal agreements between government and cities. City Deal arrangements give cities greater control over decisions that affect them and mean that they can decide how public money should be spent in order to help businesses develop and create economic growth.

The Coventry and Warwickshire Local Enterprise Partnership’s (CWLEP) City Deal proposition is centred on the advanced manufacturing and engineering sector with a major emphasis on encouraging growth by making it easier for companies to realise expansion plans through simplifying routes to advice, finance and skills.

The CWLEP brings together local authorities with Coventry and Warwickshire, Coventry University, the University of Warwick and private sector representatives. The CWLEP has established the Coventry and Warwickshire Clearing House – a Growth Hub for business - to act as a single point of contact for information, advice and support for growing businesses.  The Clearing House, which is supported by the Regional Growth Fund, is also able to provide finance for investing and innovating businesses.

The Business Innovation project is offering grant funding of between £2,500 and £10,000 to Small and Medium Sized Enterprises (SMEs) based in the Coventry and Warwickshire LEP area. These grants are available to support technology focused businesses that are undertaking innovative activities and can be used to support, amongst other things, new product development and testing, and process improvements.