Solent: University of Portsmouth wins £2.6m support for the region's businesses

Government funding worth £2.6 million to help support businesses in the Solent region has been won by a consortium led by the University of Portsmouth. 

The money will be used for a scheme to support innovation, growth and enterprise in the region by facilitating funding, advice and training for small and medium enterprises (SMEs). The initiative is designed to help businesses grow and develop through increased and better access to grants, education and training.

The initiative is being funded by money from the Regional Growth Fund (RGF), and became available when the Solent region obtained City Deal status from the Government earlier this month. City Deal facilitates Portsmouth and Southampton to develop key areas in both cities and provide jobs, homes and economic growth.

The scheme, which has a number of regional partners, is based around two central propositions. In the first part of the scheme, the University of Portsmouth Business School will offer bespoke support direct to businesses via a growth and skills audit to determine the best means for them to develop and prosper.

The university audits will result in enterprise vouchers of up to £20,000, enabling businesses to purchase support that exists in the region to help them overcome barriers to growth. This could be from Higher Education Institutions (HEIs) and other recommended regional and national providers. In a second phase, vouchers worth between £50,000 and £150,000 will be available to help access external finance and support capital investment.

The second part of the scheme, led by the Hampshire Chamber of Commerce, is the creation of a Business Growth Hub which will provide a one-stop-shop for businesses. Experts from the Business Growth Hub will deliver advice to organisations on where to obtain funding, such as government grants, training and other support. The hub will operate through the national Business innovation and Skills (BIS) telephone service, with access to a local online portal and also through direct local support to businesses.

Jimmy Chestnutt, CEO at Hampshire Chamber of Commerce, said that the scheme would unlock funding and training, which are key to business growth.

“Navigating and accessing the complex landscape of business support available from both government and private sector sources can be tricky. The Business Growth Hub will act as a central point for SMEs to access local and national schemes and obtain direct advice. Through pro-active engagement with businesses and working with investor networks we can help high-growth businesses achieve growth and create jobs in the region.”

Professor Graham Galbraith, vice-chancellor of the University of Portsmouth, said that the University is perfectly positioned to support the region’s key business sectors such as aerospace, advanced engineering, business and financial services and the marine sector, which is one of the largest in the region.

“We can provide exactly what SMEs often need to stimulate growth, in the form of expertise and guidance towards investment, particularly for those businesses capable of high growth that want help to realise their potential.”

Allocation of the Regional Growth Funding will be through Lancaster University. As well as helping to decide which cities’ proposals received funding, Lancaster University Management School knowledge-transfer experts will also be providing on-going support and evaluation of the cities.