Transforming Nuneaton project gets green light
The council’s cabinet has approved the funding for the Transforming Nuneaton project, which will see the construction of a new library, café and business centre in the town. The project is a joint venture between the council, Nuneaton and Bedworth Borough Council, and the Coventry and Warwickshire Local Enterprise Partnership (CWLEP).
The new facility will be located on Church Street, next to the Town Hall, and will offer a range of services and support for local residents and businesses. The library will provide access to books, digital resources, and learning opportunities. The café will offer a social space and a venue for events and activities. The business centre will provide flexible workspaces, meeting rooms, and networking opportunities for start-ups, freelancers, and small businesses.
The project is expected to start in early 2024 and be completed by late 2025. It will create around 100 construction jobs and 50 permanent jobs, as well as generate additional footfall and spending in the town centre.
Business Investment and Growth fund supports SMEs and innovation
The council has also launched the Business Investment and Growth (BIG) fund, which is part of the £100 million Warwickshire Recovery and Investment Fund (WRIF) that was established in 2021. The BIG fund offers grants and loans to small and medium-sized enterprises (SMEs) in Warwickshire, to help them grow, innovate, and create jobs.
The fund has two streams: the Growth Fund and the Innovation Fund. The Growth Fund provides grants of up to £100,000 and loans of up to £250,000 for SMEs that have a clear growth plan and can demonstrate the potential to create or safeguard jobs. The Innovation Fund provides grants of up to £50,000 and loans of up to £100,000 for SMEs that are developing or adopting new technologies, products, or services that have a positive impact on society or the environment.
The fund is open for applications until March 2024, or until the funds are fully allocated. The council expects to support around 200 businesses and create or safeguard around 1,000 jobs through the fund.
Immersive and Creative Technologies Launchpad boosts video game development
The council, in partnership with Coventry City Council and Innovate UK, has also secured up to £7.5 million of government funding to drive technology developments in the region, building on its existing strengths in video game development. The Immersive and Creative Technologies Launchpad programme will offer competitive grants and other support for innovation projects that focus on developing and adapting new technologies across various industries, such as healthcare, education, future mobility, manufacturing, retail, and tourism.
The programme will target businesses and researchers working in immersive and creative industries, such as digital media, mixed media, augmented reality, virtual reality, virtual production, design processes, game engine and 3D environments, simulations, and data visualisations. The programme will also provide access to expertise and research facilities, as well as benefit from a programme of cluster development activities.
The programme is designed to build on the reputation of Leamington’s Silicon Spa, which employs 15 per cent of the UK’s games development talent and is recognised by trade body UKIE as the largest cluster outside Greater London. The programme aims to attract more investment, talent, and innovation to the region, and create more opportunities for collaboration and cross-sectoral applications.
The competition for the grants opened on October 23 and will close on January 12, 2024. Interested organisations can apply for grants ranging from £25,000 to £1 million, depending on the scale and impact of their projects.
Council’s vision for economic recovery and growth
The council’s leader, Cllr Izzi Seccombe, said that the investment in business centres was part of the council’s vision for economic recovery and growth in Warwickshire, following the challenges posed by the COVID-19 pandemic. She said that the council was committed to supporting local businesses and communities, and creating a more prosperous, resilient, and inclusive economy for the future.
She said: “We are delighted to announce this significant investment in business centres across Warwickshire, which will provide a range of benefits for our residents and businesses. These centres will offer modern and flexible facilities, access to information and support, and opportunities for collaboration and innovation. They will also help to revitalise our town centres, create more jobs, and attract more businesses to our region.”
She added: “We are also proud to launch the Business Investment and Growth fund, which will help our SMEs to grow, innovate, and create jobs. We know that SMEs are the backbone of our economy, and we want to support them to overcome the challenges and seize the opportunities that lie ahead. We are also excited to be part of the Immersive and Creative Technologies Launchpad programme, which will boost our video game development sector and showcase our region’s strengths in technology and creativity. These initiatives are part of our ambitious strategy to recover from the pandemic and build a stronger and greener economy for Warwickshire.”
