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The Peterborough Growth Fund is still offering SMEs in the city the chance to access up to £10,000 of match funding, helping them to realise their expansion plans.

Jointly operated by Opportunity Peterborough and the Greater Cambridge Partnership and administered via Business Link East, the fund is aimed at small and medium sized businesses across the county.

The funding will be available up until the end of December 2010 and so far, 12 local firms have secured grants through the fund. During the last six months, businesses that have received support have grown on average by over 25% with new employment totalling 71 jobs to date.

Business Intelligence Manager at Opportunity Peterborough, Binal Karia said: “This is a great opportunity and I would urge those interested to apply quickly as the remaining funds could be snapped up before the closing date. We’re welcoming applications from all areas of business; however, priority will be given to firms from our key growth sectors; media, print and publishing, precision engineering, food and drink, financial services and the environment sector. “

Printondemand are one of the businesses that secured assistance from the Peterborough growth fund, which contributed to increasing their team from 25-40 staff. Managing Director Andrew Cork said: “The Peterborough Growth Fund has played a crucial role in helping us to establish a new arm to our business, as we were able to launch a new website that allows us to work more closely with the schools sector. This new venture has enabled us to safeguard jobs, as well as create new positions.”

Eligibility criteria

• The business needs to qualify as a Small to Medium Enterprise (SME) and employ staff
• Business Link East needs to fully recommend the applicant for receipt of funds
• Applicants need to provide a business plan that explains how the business will over the next twelve months:
  • create at least one new job within their business
  • safeguard existing jobs within their business
  • increase their turnover
• The operational base needs to be within the Peterborough area
• The outputs, outcomes and benefits of the fund need to be realised within the Peterborough area
• Applicants need to provide details of where the eligible match funding is coming from
• The business needs to successfully pass the credit check once approved in principle

 The fund is administered by Business Link East, so interested applicants should contact them on 08457 17 16 15 for advice and an initial diagnostic.