8 BIF Approvals - Company 42
A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Made Smarter grant of £30,000 to a company which is involved in the first stage machining of high temperature/corrosion resistant alloys which are used within the oil/gas and aerospace industries.
The grant would allow the company to fit existing machines with more modern control systems to enable quicker and easier programming / set up and to enable the company to tackle more complex jobs more efficiently.
The project is estimated to create between 1 and 2 FTE’s by 2020. This represents a gross cost per job of £30,000 to £15,000, considered acceptable value for money for the BIF Made Smarter investment.