8 BIF Approvals - Company 18
Minutes:
A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Productivity Challenge grant of £80,000 to a company that supplies slurry and submersible pumps to the mining and quarrying industry. The company has recently invested a considerable amount in its engineering ability and redesign to improve customer experience, reduce weight and speed up the production process.
The grant would allow the company to purchase of laser cutting and welding equipment which enables the set-up of a full end-to-end manufacturing facility.
The project is estimated to result in a 16% increase in productivity, with GVA per worker forecast to increase from £94,692 to £110,000, and creation of 2 FTE’s by 2020, considered to provide acceptable value for money for the BIF Productivity Challenge investment.