Isle of Wight: Solent LEP launches £2.46m fund for local businesses

Businesses in the marine, maritime and advanced manufacturing sectors on the Isle of Wight are being urged to apply for grants from a new £2.46 million fund set up by the Solent Local Enterprise Partnership (LEP) in collaboration with the Isle of Wight council.

The Isle of Wight expansion fund, which is also open to firms specialising in composites engineering, is designed to help companies expand, start up new activities or diversify with the aim of creating or safeguarding jobs.

The fund was launched at an event that had to be relocated to a larger venue, the Quay Arts Centre in Newport, due to the scale of local interest.

Cllr Ian Stephens, leader of the Isle of Wight Council, said: "These sectors are of vital importance to the future of the Isle of Wight economy and this fund will drive growth, investment and job creation.

"The council has been working very closely with the Solent LEP in applying for the funding and is now keen to get on with delivering the scheme for local businesses."

Gary Jeffries, chairman of the Solent LEP, said: "There are huge economic opportunities for the Island, especially in the areas of composites, marine, maritime and advanced manufacturing.

"These are areas with significant potential for growth where the Island has a long history of expertise. This fund is looking to capitalise on that knowledge base, support new projects, generate opportunities for employment and drive development of the Island's economy."