Introduction David Ralph, HotSW LEP CEO
This month saw the launch of a new funding initiative, the Access to Finance platform developed with Tech South West which can help small businesses achieve more. It’s currently in its first phase of testing, and I’m looking forward to seeing it rolled out to all businesses in our area. This will be a key route to help businesses access the finance they need to survive and grow and to that end this month I was delighted to see the launch of the British Business Bank South West Investment Fund, which will provide £200m to small and medium-sized businesses across the region. This is a fantastic step towards addressing some of the long-standing challenges businesses in our area have face around funding and we’ll be working with the Bank and its fund managers to support take up of the fund.
We were also really excited to be part of the launch of the Great South West Clean Energy Prospectus. The report reveals that the South West is set to become one of the leading providers of low-carbon energy in the UK by 2035, and outlines the key support needed from Government to ensure we can deliver the clean energy the country needs.
And do take a look at our latest Business Bulletin, sharing regional and national insights and statistics. Thanks again to our partners who help put together this fascinating glimpse at our economic and business landscape.
Enjoy this month’s updates from across the Heart of the South West.
David Ralph
Chief Executive
Delve into our latest Business Bulletin
The Business Bulletin provides a comprehensive summary of business sentiment across the Heart of the South West and shows the national context. With the support of business organisations, the Bulletin conveys the views of over 25,000 businesses.
“The latest evidence is showing that over the last few months growth has shown tentative signs of moving in a positive direction though the picture differs across sectors, the economy remains smaller than it was before the pandemic and is not expected to return to pre-pandemic level until mid-2024.
Work begins on business plan to boost Somerset and Devon visitor economies
We’re working with Tomorrow’s Tourism on a groundbreaking piece of work to develop a business plan for Local Visitor Economy Partnerships (LVEPs) in Somerset and Devon. The LVEP Programme, has been developed by VisitEngland.
The partnership aims to create vibrant and sustainable visitor economies and generate better outcomes for visitors, businesses, the environment, and local communities. Stage one of the work involves gathering insights to help shape the right process for both Devon and Somerset, and help address each county’s specific needs, challenges, and objectives. We would be grateful if you could spend a few minutes taking part in the LVEP stakeholder survey, and have your say on tourism in the region.
Ilfracombe Watersports Hub officially opens
The new Ilfracombe Watersports Hub in Larkstone Cove had its official opening on Thursday, 13 July. The new facility gives them the opportunity to extend their memberships to the wider community and offer taster events to local residents and visitors.
For the wider public, commercial operators H2Outdoors, Active Escape and Nick Thorn will be based at the hub, making it a destination for residents and visitors alike who wish to try outdoor pursuits such as stand up paddleboarding, kayaking and coasteering.
£200m South West Investment Fund launched
The British Business Bank’s South West Investment Fund (SWIF) will provide much-needed funding to SMEs across the whole South West region, covering Bristol, Cornwall and the Isles of Scilly, Devon, Dorset, Gloucestershire, Somerset, and Wiltshire.
The fund will increase the supply and diversity of early-stage finance for new and growing smaller businesses for various purposes, such as expansion, product or service innovation, and new processes, skills or capital equipment
Progress at Lymington Road development
New business units at Lymington Road coach station are taking shape with the construction of the building superstructure now well underway. The development will provide space for small businesses, with improvements also being made to the public space.
The development, which is due for completion in early 2024, will see modern business facilities and a range of new amenities, including a new international coach bay, shelter providing weather protection for waiting passengers, a new and improved disabled toilet, and enhanced lighting throughout the car park.
Digital Link: unlocking your potential
The Heart of the South West Growth Hub’s new Digital Business Adviser service offers free, fully funded one-to-one digital business support and a Digital Business review. This service is available for businesses in Devon, Somerset, Plymouth and Torbay.
Get dedicated time with the Growth Hub’s in-house Digital Business Advisers, tailored to meet your unique business needs and provide you with personalised, actionable digital advice and guidance.
Great South West leads UK Clean Energy Growth
According to a new report the South West of England is set to become one of the leading providers of low-carbon energy in the UK by 2035. The Clean Energy Powerhouse Prospectus has been developed by Regen, and published by the Great South West.
It reveals that with the expansion of large-scale energy projects, the region could achieve an 800% increase in low-carbon generation capacity, equivalent to 11% of predicted UK generation capacity needs, by 2035. The Great South West has estimated this could lead to up to 175,000 jobs and a £10bn GVA boost for the economy.
£7.5m investment to boost Supergen Hub
The Supergen ORE Impact Hub, led by the University of Plymouth, has been awarded £7.5m by the Engineering and Physical Sciences Research Council. The Impact Hub will build on work carried out by the existing Supergen ORE Hub, created in July 2018.
The investment forms part of a £53m investment by UK Research and Innovation, designed to boost knowledge, innovation and new technologies that will decarbonise the energy sector.
Report reveals insights into Growth Hubs
An independent evaluation of LEP Growth Hubs between 2015 – 2020, commissioned by the Government, concludes that Growth Hubs increase turnover, business R&D, access to finance, and job creation. Growth Hubs are currently funded to March 2024.
The Heart of the South West Growth Hub was consistently in the top five for the number of businesses supported from 2016-2020. The Growth Hub supported roughly 10% of all Devon and Somerset businesses.
Access to finance: A catalyst for growth
In his latest blog, our CEO David Ralph discusses how access to finance is a catalyst for growth, and how initiatives like the new Access to Finance platform, developed with Tech South West, can help small businesses achieve more.
“A strong plan for growth is vital – and access to finance is an essential component of any growth strategy. Grants, once a valuable resource for entrepreneurs, have diminished in availability. Alternative avenues such as debt and equity financing have become increasingly important for businesses seeking to unlock their growth potential.”
