Multi-million pound investment by council to help grow new and small companies

A £12.1 million investment for a much-needed initiative to grow new and small companies, increase skills and create jobs has been backed by West Suffolk Council Cabinet.

This investment is part of the council’s priority to grow the local economy which will also see more jobs and people gaining additional skills which will make the area even more attractive to business. Cabinet agreed to back the recommendations for the incubator facilities targeted at helping create new and grow small companies in the advanced Manufacturing and Engineering sector. This scheme aims to be cost neutral but also comes with the wider benefits of supporting new start-up businesses by providing facilities that are in high demand but are rarely built by the commercial sector. The project also links to West Suffolk College and other education establishments to help increase skills and give students opportunities they would not normally have. This has been made possible by West Suffolk Council working with New Anglia Local Enterprise Partnership and Suffolk County Council. It builds upon the investment by all three partners in infrastructure such as the link road that opened up Suffolk Business Park where the centre is planned to be built. The development of this site and others across West Suffolk has brought millions of pounds in investment to the area and has enabled local companies much needed space to grow. Julie Baird, Director Planning and Growth for West Suffolk Council, said: “We are part of the Cambridge Sub-region and sit on an international trade route making West Suffolk an ideal place to set up a business as well as helping to drive the UK economy. This is part of our work in supporting new and small businesses grow by highlighting where the commercial sector is not filling the need. Without these facilities, which the report shows there is a high need for, then local businesses would either not start or be forced to move out the area. “But this is not just to meet an immediate need, it will also link with local colleges and education organisations to help future generations have the right skills and build their own companies. This is part of our wider aim to grow our local economy and make sure that West Suffolk remains the place to do business.” The decision was made by Cabinet at their meeting on Tuesday, October 9, to recommend this initiative and subsequent investment move forward. The final decision whether to proceed will be taken at the council meeting on the December 14.