YTKO’s GetSet For Growth is set to expand its investment readiness services to growth-oriented businesses around England following its selection as a national delivery partner* of the Regional Growth Fund (RGF).
GetSet for Growth offers growth-oriented firms a unique package of investment readiness and capacity development support, integrated with access to various sources of finance, including a dedicated £15 million private sector investment fund supplied by Lloyds Bank. There is also a tailored programme for supporting women-owned businesses, drawing on the nationwide expertise and best practice developed by YTKO’s Enterprising Women community.
GetSet’s expansion ensures much needed support for businesses in the Heart of the South West (Torbay and Plymouth), the West of England (Bristol), Gloucester, Worcester, Solent (Southampton and Portsmouth), Hertfordshire (Luton, Harlow and Stevenage), Black Country and Greater Birmingham and Solihull. All of the Local Enterprise Partnerships covered in these areas have specifically identified the need to rebalance their local economies, due to high unemployment, low private sector start and growth rates, and high levels of public sector dependency. They have also confirmed their local support for the GetSet project.
YTKO Group Chief Executive, Bev Hurley, C.B.E. says: “We couldn’t be more delighted with this opportunity to unlock the potential of ambitious businesses around the country with our successful GetSet for Growth service.
“Throughout the UK, there is a growing – and understandable – reluctance by businesses to borrow or seek external investment. Difficulty approaching banks, onerous conditions and challenging trading conditions all reduce confidence and ambition within small firms, means growth and job-creation opportunities remain untapped.
“At the same time, there is a real need to improve the quality and robustness of business propositions. We help SMEs get clarity, focus and confidence about growth and business planning, and give them the knowledge, tools and expertise to understand where the market opportunities are, and what they need to do to capitalise on them. Our innovative and successful GetSet service offers a market-led, robust approach to investment readiness. It is underpinned by a first hand understanding of business, market and funders’ needs, and a 30 year track record of private sector success.”
The latest round of the Government’s Regional Growth Fund was announced by Deputy Prime Minister Nick Clegg on February 12th, making an additional £297 million of funding available to fuel business expansion across the country, and bringing the total investment to almost £3 billion since the Fund launched in 2010. This sixth round will see the launch of 63 new projects and programmes across England, and is expected to unlock £1.5 billion of additional private sector investment and create or safeguard thousands of jobs. Over 100,000 jobs have already been created with a further 480,000 expected by the mid-2020s.
Deputy Prime Minister Nick Clegg said: “After decades of regional economies being neglected I set about investing directly in local businesses via the Regional Growth Fund. This investment has allowed regional businesses to be more ambitious than ever before and gone a long way in creating a stronger economy. A stronger economy means providing equal opportunity for everyone across the UK, rather than solely relying on the City of London to bolster UK business. The success of the RGF is proof that putting money in the hands of local businesses helps them flourish and creates opportunities for more people to work locally.”
*GetSet’s selection is subject to completion of satisfactory due diligence.
Download the full press release here.