One of the UK’s most successful industrial business support programmes comes to an end in June after helping the manufacturing sector to create or safeguard 12,435 jobs since 2016.
The Manufacturing Growth Programme (MGP), which is designed and delivered by Oxford Innovation Advice, will see funding from the European Regional Development Fund end and is now urging the Government and local authorities to ensure that tailored advice for manufacturing SMEs is quickly put in place.
A recent independent evaluation of the programme found that MGP has delivered excellent value for money and achieved real results.
The report revealed that over 95% of companies surveyed expected their business to grow in the next five years because of receiving support from the programme, with 63% identifying the development of new products as one of the key areas.
In addition, 63% said they had already seen an increase in turnover, while 52% cited improved productivity as the main outcome of the support received.
MGP was established in October 2016 to address some of the main barriers to growth experienced by SME manufacturers.
Since then, it has been providing grant funding for business improvement/capital projects and specialist mentoring from industry experts, with 4564 companies assisted across the East and West Midlands, Yorkshire & Humber and the South East.
Its dedicated team of Manufacturing Growth Managers has delivered more than £13.9m of grants that, in turn, have unlocked over £25.7m of private sector investment. Importantly, it also generated £42,073 Gross Value Added (GVA) per employee in the companies it supported.
Jane Galsworthy, managing director of Oxford Innovation Advice – the leading provider of business support programmes for SMEs - explained: “This independent evaluation further demonstrates that specialist business support programmes like the Manufacturing Growth Programme play a crucial role in supporting companies to overcome everyday challenges and barriers to growth.
“With the new UK Shared Prosperity Fund (UKSPF) dividing up funding for business support at a very local level, there is a risk that businesses will only be able to access generic, low-quality support which delivers lower value for money and less measurable impact on businesses and the economy.”
Visit www.oxfordinnovationadvice.co.uk and www.manufacturinggrowthprogramme.co.uk
