Freeport East open two new funds worth ?800k for small businesses
Freeport East is one of eight English freeports – an area where tax on imports is very low or waivered to encourage economic growth and trade – and received its final government approval in 2023.[1] Freeport East’s funds are also designed to offer opportunities for new innovations and individuals in “high potential sectors” where Freeport East can build “stronger, local economic clusters. These sectors include green energy, clean energy, advanced manufacturing, advanced logistics, digital technology, and agricultural technology.
The funding will help the small and medium-sized (SMEs) invest in growth in activities such as creating new products and services, increasing trading opportunities, and expanding production. The funds will also benefit the ‘Freeport East region’, an approximately 45km area covering the ports of Harwich and Felixstowe in the east, Colchester, Jaywick, and Clacton in the south, Woodbridge in the north, and Sudbury in the west. Benefits – Freeport East chief executive Steve Beel said the funds would help ensure economic benefits are spread across the local region (Image: Freeport East)
Steve Beel, chief executive of Freeport East,[2] said: “These funds are an integral part of how we spread the benefits of Freeport East across our local area.” Mr Beel added: “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.”
Councillor Ivan Henderson, who is also a Freeport East Board Director, added: “Not only are these funds about financial support, but about being associated with Freeport East and being a part of its networks which provide wider benefits”.
“I would strongly encourage ambitious businesses across our local economy to take a look at what’s on offer and see how the freeport can support them.”
Those interested in receiving support will have until May 10 to apply for funding and to access application forms for these funds visit www.freeporteast.com[3].
References
- ^ nd received its final government approval in 2023. (www.harwichandmanningtreestandard.co.uk)
- ^ Steve Beel, chief executive of Freeport East, (www.harwichandmanningtreestandard.co.uk)
- ^ www.freeporteast.com (www.freeporteast.com)