Three projects, the largest being Peel’s Port Salford scheme, are to receive loans of £6.6m from Greater Manchester’s Combined Authority.
A meeting on the 30th of October saw GMCA give ‘in principal’ approval to the schemes that aim to create employment and to drive economic expansion within the city region. The councils have agreed to support by handing a loan funding of £4.6m to Port Salford Holdings, so that the scheme can deliver road improvements, reduce congestion and create better local transport connections to the new Port Salford National Import Centre. The project will support the creation of hundreds of jobs throughout the Port Salford site and will directly create at least 40 temporary jobs in construction.
At the same time meeting coordinators also agreed to support RealityMine, a technology based market research company based in Trafford. RealityMine will receive £1.25m in a second phase of funding to help grow their business, the organisation will utilise the funding to support the creation of 63 new jobs.
Finally B&H Precision Tooling (Stockport), a specialist supplier of tooling for the aerospace industry, will receive support so that they can extend their current site. This venture will create eight new jobs and will help to retain 20 existing positions within Greater Manchester.
Greater Manchester’s lead for investment Councillor Kieran Quinn stated “By providing loans to regional projects and businesses at commercial rates we can unlock development that drives economic growth and creates jobs for local people”. He also added, “these projects will together directly create more than 100 skilled jobs and through the transport improvements supported at Port Salford, will enable the creation of hundreds more. Following this in principal approval we have asked that the Greater Manchester Investment team work with the businesses to ensure that they can access this funding”.