Posted: 12/12/14 by Northampton Borough Council
Plans to extend and expand a scheme that has helped almost 40 businesses since April 2014 have been announced as part of the budget proposals for 2015/16.
This month, Northampton Borough Council has announced 12 more grants through the Business Incentive Scheme. The grants, worth a total of £120,000, will create almost 70 new jobs and unlock just under £600,000 in private sector investment to the local economy.
In just nine months, the Business Incentive Scheme has helped 36 businesses expand and grow and reduced the number of vacant or empty units in the town. Northampton Borough Council has committed £305,000 in grants, which will lead to £1.6 million of investment by the private sector, creating over 120 jobs for local people.
Councillor David Mackintosh, Leader of Northampton Borough Council, said: “Our Business Incentive Scheme has been a huge success, bringing in £5 of private sector investment for every £1 we have awarded. The grants have helped our business community grow, which has created jobs and brought empty shops back into use.
“The success of the scheme has been so encouraging we are now looking at improving the offer next year.”
As well as continuing the scheme permanently after April, Northampton Borough Council is proposing the creation of a mentoring system that would help support new businesses through their difficult first months of trading.
The Borough Council, working with business partners, will provide an expert to work with new businesses to help give them the best possible start.
Councillor Mackintosh added: “We are supporting local entrepreneurs in Northampton. The first few months of a business are crucial. So, in addition to financial support, we will be starting a mentoring system that would provide expert advice during the first months of trading to new businesses being assisted by the Business Incentive Scheme.”
Businesses supported in the latest round of Business Incentive Scheme grant funding are as follows:
- The Boutique Hotel, a £30,000 grant towards this project, which is creating 15 jobs – this package comprises of four grants across two of the businesses that will operate from the building
- Vivid Hair Extensions, a £8,000 grant creating eight jobs
- Matt Harrison T/A Imports, a £10,000 grant, the project is creating two jobs
- The Vineyard, a £2,625 grant – a shopfront grant to help improve the appearance of the restaurant
- Michael Maynard, a £10,000 grant to develop a microbusiness centre. Project is creating 13 jobs – a grant to support the business in moving into the town centre
- Aurora Hair Dressing, a £5,000 grant. Project is creating four jobs – a refurbishment grant to help the business improve their premises
- Northampton Nutrition Centre, a £10,000 grant. Project creating two jobs
- Northampton Sewing Studio, a £5,000 grant – a refurbishment grant to help the business make improvements to their premises
- Johnson and Underwood, a £2,376 – a shopfront grant to support the business in funding improvements
- Swishing, a £10,000 grant. Project is creating five jobs
- Turk Jam, a £2,000 grant. Project is creating one job
- Nuovo, a £10,000 grant. Project is creating 10 jobs
- Staffline, a £15,000 grant. Project is creating eight jobs
For more information about the Business Incentive Scheme, contact Northampton Borough Council’s regeneration team on 01604 837078.