Two new funds, with a combined value of up to £800,000 in support, are now open for applications, courtesy of Freeport East. These funds are designed to offer vital support to small and growing businesses and play a pivotal role in fostering opportunities for new innovations and individuals seeking careers in high potential sectors, including green energy.
The Freeport East Clean Growth Fund is dedicated to providing financial assistance to local businesses operating within clean energy and Freeport East’s other target sectors. Meanwhile, the Freeport East Innovation and Skills Fund will focus on building access to innovation and skills opportunities, particularly in underserved communities.
The funds will benefit the Freeport East region, which covers parts of Suffolk and Essex. This incorporates an area approximately 45 kilometres across, extending from the ports of Felixstowe and Harwich in the east, stretching from Woodbridge in the north, to Stowmarket and Sudbury in the west and to Colchester, Jaywick and Clacton in the south.
These targeted funds are strategically aimed at sectors where Freeport East sees the potential for building stronger, local economic clusters. This includes areas such as clean energy, advanced manufacturing, advanced logistics, digital technology, and agritech.
The development of these funds has been influenced and fine-tuned through valuable feedback received from an earlier expressions of interest process. Those interested in receiving support will have until Friday 10th May to apply for funding.
Steve Beel, Chief Executive of Freeport East, comments:
“These funds are an integral part of how we spread the benefits of Freeport East across our local area. By supporting businesses in key sectors that create sustainable, high value growth for the future, we will help to ensure we can take opportunities in new, emerging economic sectors.
“Our commitment to strengthening innovation systems and honing skills is designed to position our broader economy and communities to thrive in this evolving landscape. By doing so, we not only capitalise on new prospects but also ensure that the benefits are distributed across our local area and align with Freeport East’s overarching objective to support local economic growth.”
