The Manufacturing Growth Programme (MGP), designed and delivered by Oxford Innovation Advice and funded by the European Regional Development Fund, helped the manufacturing sector create or safeguard 12,435 jobs since 2016.
A recent independent evaluation of the programme revealed that over 95 per cent of companies surveyed expected their business to grow in the next five years because of receiving support from the programme, with 63 per cent identifying the development of new products as one of the key areas.
In addition, 63 per cent said they had already seen an increase in turnover, while 52 per cent cited improved productivity as the main outcome of the support received.
MGP was established in October 2016 to address some of the main barriers to growth experienced by SME manufacturers. Since then, it has provided grant funding for business improvement/capital projects and specialist mentoring from industry experts, with 4564 companies assisted across the East and West Midlands, Yorkshire & Humber and the South East.
Its team of Manufacturing Growth Managers is said to have delivered over £13.9m of grants that helped to unlock over £25.7m of private sector investment. It also generated £42,073 Gross Value Added per employee in the companies it supported.
In a statement, Jane Galsworthy, managing director of Oxford Innovation Advice said: “This independent evaluation further demonstrates that specialist business support programmes like the Manufacturing Growth Programme play a crucial role in supporting companies to overcome everyday challenges and barriers to growth.
“With the new UK Shared Prosperity Fund (UKSPF) dividing up funding for business support at a very local level, there is a risk that businesses will only be able to access generic, low-quality support which delivers lower value for money and less measurable impact on businesses and the economy.”
Galsworthy continued: “We’ve proven over the last seven years what targeted support can do for SME manufacturers, helping them accelerate growth, improve productivity and create jobs. With funding for MGP coming to an end, this creates a significant hole in specialist high-quality support for smaller manufacturers.”
The report – titled The Manufacturing Growth Programme Phase 2 Final Summative Assessment - additionally highlighted how Oxford Innovation Advice adapted the programme during Covid-19 and Brexit to continue delivering business support and assisting manufacturing SMEs through these challenging circumstances.
“In the current economic climate, where businesses face multiple pressures from inflation, high energy prices, supply chain challenges and reduced consumer spending, the programme and its objectives are still as relevant now as they were back in 2016,” said Galsworthy. “It is now more important than ever that businesses have access to high-quality business support services and specialist expertise to help them achieve their growth potential. This, in turn, will enhance the economy, create job opportunities, and ensure the prosperity of our local communities.”
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