The "biggest" business growth package in 20 years will see thousands of jobs and apprenticeships created for the Liverpool City Region .
The combined authority will announce plans for the £75m support fund on Friday, which Metro Mayor Steve Rotheram says will create 2,000 jobs and apprenticeship training for 1,500 young people.
The package will provide a £15m support fund for SMEs in case of a no-deal Brexit, and is also hoped to attract new businesses to the region, help existing firms grow, and generate jobs for local workers.
The programme consists of a mix of funding including grants, loans and equity, to be approved by the combined authority at its next two meetings. It will also provide specific projects designed to support businesses directly, or ensure the availability of skilled staff.
Speaking about the funding, Mayor Rotheram said: "The Liverpool City Region is the fastest-growing city region in the country, but I will not be satisfied until the benefits of devolution are felt in every community across our city region.
“Our £75m Business Growth Package – the biggest of its kind in 20 years – will help do just this by supporting ambitious local businesses to grow, creating more than 2,000 high-skilled, high-paid and secure jobs in this first phase, right across our six boroughs, helping mitigate against the potentially disastrous impact of a no-deal Brexit and attracting new businesses to our area.”
Councillor Pat Hackett, portfolio holder for Inclusive Economy and the Third Sector, said: “We need to create an environment that allows businesses to thrive to ensure that the residents of the Liverpool City Region can benefit from that growth through access to good-quality, well-paid jobs and opportunities.
"That is why we have listened closely to what businesses need and we are proposing this innovative £75m package of support.”
The £75m Business Growth Package will include the following:
- A £20m loan fund for local businesses to invest in creating jobs and boosting productivity
- A £7m inward investment facilitation fund
- £15m to support small and medium-sized firms in the event of a no-deal Brexit
- An intensive scale-up programme for tech-led and tech-enabled small and medium-sized firms
- Skills and apprenticeship training for up to 1,500 young people
It's hoped the package will also make it easier for companies in the Liverpool City Region to access support, through a new growth company - Growth Platform - established with the Local Enterprise Partnership to manage business growth, investment and sector development services locally.
Companies will be able to apply for support from late autumn, and it will be open to all firms with a focus on high growth and technology companies.
The authority said the money will be "recycled" where possible – coming back to the combined authority so it can be used to support more businesses and create more jobs in future.
Asif Hamid, MBE, chair of the Liverpool City Region Local Enterprise Partnership (LEP), said: “As the LEP, we have been working closely with our partners in the Combined Authority and the business community over the last 12 months to develop this extensive package of measures to enable our city region’s businesses to realise their potential.
“This £75m support for business is hugely welcome and timely as we build on the excellent growth of the last few years to take our City Region to the next level.
"And we will continue to work in partnership with the Combined Authority and business to help implement these measures through our new Growth Platform - Liverpool City Region Growth Company.”
Mayor Rotheram will officially announce the programme while visiting Liverpool firm CNC Robotics on Friday.
Based in Aintree, CNC Robotics specialises in advanced robotics systems, and is one of the UK's top 250 for growth and innovation.
Madina Barker, director, said: “The future success across all industries within the region will be defined by the ability of firms to adapt their infrastructure and exploit related technologies.
"The greatest threat to employment is not automation and technology but an inability to have skilled staff in order to remain competitive.
"We are excited about the package of support on offer which will be welcomed by the city’s businesses and will enable a positive drive in productivity and jobs across the region.
"Up-skilling the region’s workforce has never been more important to give businesses a competitive edge as we contend in an ever-more global market."
