Nottingham gets its first slice of £60m fund to create hundreds of jobs
NOTTINGHAM City Council is set to receive its first slice of Government funding as part of a scheme to create 1,000 apprenticeships and 10,000 jobs.
It means work can start on two new projects – grants for businesses developing new technologies as well as a scheme to encourage young entrepreneurs.
The council is set to receive £10 million from the Department for Business Innovation and Skills as part of the 'city deal' signed last year.
The money will be given to health and life science, digital content and green and clean technology businesses in grants from £20,000 to £1 million.
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It will be spent on projects that develop new technologies, exploit creative industries or invest in equipment and infrastructure.
This first slice of funding is expected to create 700 jobs and attract an additional £40 million in private funding.
Councillor Graham Chapman, deputy leader of the city council, said: "Our main aim in all of this is to get jobs – it's not to have new gizmos but get jobs out of it.
"If you are to get business moving you need to be designing stuff, you need to be innovating but we're interested in what happens after that, which is getting it rolled out, getting industry out of it and getting jobs."
A further £1 million has been given to the council by the Department for Business Innovation and Skills to fund a new scheme for young entrepreneurs.
Named the "Gen Y" Fund, the council will also be adding £300,000 to the pot, which will be used to run a mentoring programme and establish a network of investors.
Councillor Nick McDonald, portfolio holder for jobs, skills and business, said: "The Gen Y funding is an innovative approach and a really important thing for young people.
"What we are trying to do is incentivise young people to start a business in Nottingham. They might be a graduate or someone who's just left school.
"We want to encourage them to be in Nottingham and give them the support they need. It's more than just money being given to young people, it's about support – their business plan is tested and mentored."
These are just two of the projects planned after Nottingham secured almost £60 million from the Government in its city deal.
The money will help establish and develop a creative quarter in the city with numerous schemes launched – ranging from training to support skills development, to direct investment in businesses.
The investment aims to create 1,000 apprenticeships and 10,000 jobs to help tackle youth unemployment.