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Cable launches Western Morning News Growth Fund

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By The Drum Team, Editorial

July 22, 2011 | 3 min read

Business Secretary Vince Cable has partnered with the Western Morning News and University of Plymouth to launch their £1 million Growth Fund.

According to the Western Morning News, the Fund enables businesses from across the West Country to apply for cash sums of between £10,000 and £100,000, to help grow their enterprise and create new job opportunities.

The fund’s aim is to stimulate local regeneration through a thriving private-sector lead economy, away from a dependence upon the public sector.

“What we would like to see is many more companies than there is money for, apply for the funding. I’m delighted by the energy and enthusiasm I’m finding here,” said Cable.

“I applaud this initiative of Plymouth University and Western Morning News. It’s a very imaginative scheme to promote small business in the area.”

The Minister formally signed-up to the Growth Fund at a ceremony held at the University of Plymouth’s Roland Levinsky Building, where he also met with a number f local enterprises.

The Western Morning News and University of Plymouth’s joint bid for the £1 million growth fund won conditional approval in April and was one of just two regional proposals to secure funds from the first round of payouts from the £450 million Regional Growth Fund announced by Lord Heseltine in October.

Western Morning News editor Alan Qualtrough said: “This is an exciting project that will create jobs in the South West.

“The idea of a newspaper applying for a grant to assist regional businesses has never been done before. But we all have a duty to help and encourage local firms to thrive and prosper.”

The Western Morning News and University of Plymouth Growth Fund has £1 million to grant to businesses across Cornwall, Devon and Somerset. Typical grants will range from £10,000 to £100,000 and have to be match-funded.

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