Vital business support unveiled at launch of ambitious economic plan for Norfolk
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Grant programmes to provide much-needed financial support to businesses across Norfolk have been announced alongside an ambitious five-year economic blueprint for the region.
A new £1.1m Business Growth Fund will offer businesses grants of between £5k and £50k with an intervention rate of 30% from 1 April 2025. The Made Smarter Adoption programme for the East of England will meanwhile provide a welcome boost for the advanced manufacturing and engineering sector with grants of up to £20k and an intervention rate of 50%.
Norfolk’s new Local Growth Plan is the result of extensive collaboration between local authorities and hundreds of other partners and seeks to build on Norfolk’s influence in key sectors like clean energy and agri-tech, and cutting-edge research. Aiming to put the county at the forefront of the UK economy, it is based on four strategic pillars: local business; people and skills; infrastructure, and placemaking and community.
One of its key aims is to give SMEs access to finance to support growth, R&D or diversification into new services by offering a combination of business grant and loan programmes.
The new funds announced today will unlock private sector investment, with the new Business Growth Fund’s 30% intervention rate leveraging in an additional £2.33m of private investment.
The £1.2m Made Smarter scheme – funded by the Department for Business & Trade – will support SME’s adoption of Industrial Digital Technologies (IDT) through impartial advice and guidance, a digital readiness roadmap, and leadership and management development programmes to upskill the workforce.
Specifically, the programme aims to overcome key barriers to growth such as low-level awareness of Industrial Digital Technologies (IDT), accessing funding to invest in IDT solutions, and know-how and skills. Match-funded grants of up to £20k will also be made available for the adoption of new technologies in the financial year 2025-2026.
Norfolk County Council is running the programme on behalf of the East of England.
The Norfolk Business Board hosted the launch of the Local Growth Plan in Norwich on Friday 17 January in an event at the Norwich Playhouse.
Speakers from across Norfolk’s districts showcased the economic benefits of innovative programmes of support and investment and highlight some of the activities set out in the plan that will deliver the growth the county needs to fulfil its ambitions.
Members of the Norfolk Business Board – set up in April 2024 following the integration of New Anglia Local Enterprise Partnership into Norfolk and Suffolk County Councils – are now working to develop an action plan to support the strategy.
Nick Steven-Jones, chair of the Norfolk Business Board and CEO of Jarrold said: “Norfolk is brimming with potential and I am certain we can be key players in shaping the UK’s economic future. In discussions with business leaders across the county, there is a collective drive to help Norfolk reach these ambitious goals.
“Our region’s strengths are well-recognised by those of us who call Norfolk home, and we have much to be proud of. Our county’s potential needs to be acknowledged at the national level and become a fundamental part of the UK’s economic plans. We will continue to work hand-in-hand with partners like Norfolk County Council to build an economic future that embraces inclusivity, sustainability, and innovation.”
Norfolk is a global leader for offshore wind with £39bn of clean energy investment forecasted over the next 20 years. In Great Yarmouth, the new Operations and Maintenance Campus is expected to create 650 new jobs and new commercial space for the offshore renewable energy sector. This £24.8m partnership project is a collaboration between Norfolk County Council and Great Yarmouth Borough Council and is due to be completed later this year.
The local Agri-Food and Agri-Tech economy puts Norfolk at the epicentre of addressing challenges around food security and climate change. Norwich Research Park is a world-leading research base at the forefront of global food and health research. It is Europe’s largest single site hub of research, training, education, and enterprise in food and health.
Major infrastructure projects continue to transform how residents and businesses get around. The completion of the Herring Bridge and the start of construction on the long-awaited Long Stratton Bypass will bring a major boost for the local economy. Norfolk has also seen year-on-year growth in bus passenger numbers and the introduction of a major electric bus fleet.
The Local Growth Plan also highlights the work being carried out to address Norfolk’s skills deficit, such as Working Well Norfolk, an initiative which helps people with long-term health issues get back into employment or continue in their jobs.
To find out how to apply for grants via the Made Smarter Adoption programme, visit.
Image – John Farley from iBOXiT speaking at the launch alongside others.