A business fund launched by the Solent Local Enterprise Partnership (LEP) in partnership with Havant MP Alan Mak has resulted in almost half a million pounds worth of investment into the local economy. In total, the investment is forecast to secure 24 jobs at the three firms awarded funding.
Launched in December, nearly £120,000 has been spent of the £250,000 Havant Business Support Fund. More businesses are now being encouraged to apply for investment from the fund, supported by Mr Mak.
The money has been used to invest into capital equipment such as machinery, with funding from the LEP resulting in an additional investment of over £360,000 into supported projects.
One of the businesses that has benefited from the funding is New Lane based manufacturer Straightpoint. A world leading exporter of industrial weighing equipment, Solent LEP beneficiary Straightpoint has used the money to expand its site and purchase machinery which allows it to manufacture its products from start to finish.
Growing at 20 per cent a year, the firm has taken on three new employees and an apprentice as a direct result of the investment.
Alan Mak MP said:
Delivering a strong local economy is my top priority as local MP, and I am delighted that this investment into Havant firms has resulted in jobs and growth representing real tangible results. After visiting Straightpoint I was impressed by their vision for the future and I believe that their new machinery and new employees will mean their business grows helping our local area.
There is still money available from the fund and I urge all Havant businesses that could benefit from capital investment to apply.
Companies interested in the fund can find out more information here.
Eligible businesses can apply to the Solent LEP for between £10,000 and £75,000 from the Havant Business Support Fund to contribute towards projects that will unlock additional investment, improve business productivity and support local jobs.
David Ayling, Straightpoint CEO, said:
The money we received from the Havant Business Support Fund was absolutely vital in helping us grow locally and create jobs. The new machinery has much improved our workflow and ability to calibrate our products to a great accuracy. This is vital as our product is used with cranes and lives depend on its accuracy.