Over the past five years, the Department for Business, Energy and Industrial Strategy (BEIS) has worked with a range of local partners to establish a network of 40 Business Growth Hubs covering England.
Boost – Lancashire's Business Growth Hub was one of the first in the country to start operating when launched in 2012, and now handles around 1,000 enquiries a year from start-up and established businesses. In terms of impact, Boost has now worked with 4,799 Lancashire Businesses, provided in-depth support to 2,493 creating 1,425 new jobs, 211 new businesses and increasing local Gross Value Added (GVA) by more than £50m.
Boost is funded by a combination of contributions from Lancashire County Council, Lancashire County Developments Ltd, BEIS and European Regional Development Fund (ERDF). However, the original and on-going funds contributed by the County Council have been instrumental to the scale and success of Boost and has enabled the service to secure additional public investment.
This report seeks a further commitment to provide match funding from the County Council to allow the Growth Hub to seek continuation funding to the end of the current European Programme until the end of 2021. This will allow the Economic Development Service to respond to renewed funding opportunities through the Autumn of 2017.
This is deemed to be a Key Decision and the provisions of Standing Order No. 25 have been complied with.
Decision type: Key
Reason Key: Significant effect in 2 or more electoral divisions;
Decision status: Recommendations Approved
Divisions affected: (All Divisions);
Notice of proposed decision first published: 21/08/2017
Anticipated restriction: Part I -
Decision due: 14 Sep 2017 by Cabinet
Lead member: Cabinet Member for Economic Development, Environment and Planning
Contact: Andy Walker Email: andy.walker@lancashire.gov.uk Tel: 01772 535629.