Latest GMCA investment bids aim to create 100 new jobs
The Greater Manchester Combined Authority has today given ‘in principle’ approval for £6.6 million in loan funding to support three projects to boost local employment and drive economic growth for the city-region. The Greater Manchester Investment Framework coordinates access to regional, central Government, European and private sector funding to drive economic growth and create jobs.
Leaders have agreed to support loan funding of £4.6 million to Port Salford Holdings Ltd to deliver road improvements, reduce congestion and create better local transport connections to the new Port Salford National Import Centre. The project will support the creation of hundreds of jobs throughout the Port Salford site and will directly create at least 40 temporary jobs in construction.
At the same meeting, Leaders also agreed to support B&H Precision Tooling (Stockport), a specialist supplier of tooling for the aerospace industry, with the extension of their current site – creating eight new jobs and retaining 20 existing positions within Greater Manchester.
RealityMine, a technology-based market research company based in Trafford, were awarded a second phase of funding to help grow their business. The company, who have previously benefitted from Greater Manchester loan funding, will use the £1.25 million of support agreed today to support the creation of 63 new jobs.
Councillor Kieran Quinn, GM Lead for Investment, said: “Greater Manchester has committed to support business growth and our investment framework is just one of the ways we are delivering against that promise. By providing loans to regional projects and businesses at commercial rates, we can unlock development that drives economic growth and creates jobs for local people. These projects will together directly create more than 100 skilled jobs and, through the transport improvements supported at Port Salford, will enable the creation of hundreds more. Following today’s in principle approval, we have asked that the Greater Manchester Investment team work with the businesses to ensure that they can access this funding, and deliver the benefits to local people, as quickly as possible.”