A local company is celebrating expansion into new premises having received a significant finance grant through a scheme part funded by the European Regional Development Fund (ERDF).
Finance Grants are made available through the Coventry and Warwickshire Enterprise and Business Growth Package, and are available to established businesses that are looking to invest in capital equipment and create new jobs.
These grants can help a business to secure a full funding package for investments in premises, equipment and machinery that will diversify or modernise operations, leading to growth.
Embed Ltd – an embedded systems consultancy specialising in automotive electronics and software based at the University of Warwick Science Park – received a grant of £28,000 allowing them to expand into their new electronics laboratory and offices.
The larger office also means they have been able employ more staff, ensuring they can better serve the future needs of their clients - which include Jaguar, Bentley and Tata – by being able to bring their prototype vehicles into the laboratory to perform development and system integration activities to create the vehicles of the future.
Thanks to the grant, an additional seven engineers have been employed, including some in new graduate positions.
Cllr Kevin Maton, Cabinet Member for Business Enterprise and Employment said:
“The grants, through the Coventry and Warwickshire Local Enterprise Partnership and ERDF, provide the perfect opportunity for local businesses to continue their growth by employing more staff, increasing output and utilising new equipment that has become available to them, ensuring they are on a firmer footing heading into the future.
“Having seen the new premises we can already see the difference this grant has made and the positivity it has injected – particularly with the introduction of new engineers – which has provided a real boost to the company.
“Continued investment in our local skills infrastructure is crucial, particularly for the delivery of cutting-edge technology, engineering and manufacturing-based occupations for our young people and the improvement of our regional productivity.
Signs of growth and expansion like this one here at Embed shows engineering excellence is alive well and growing here in Coventry, and I wish them every continued success for the future”
Ivan Wilson, Director and Co-Owner of Embed Limited said:
“Thanks to the Coventry and Warwickshire Local Enterprise Partnership, this grant has enabled us to move, expand and most importantly employ more great engineers.
With the money, we have created a vehicle electronics workshop so we can bring in cars to work on innovative electronic systems. In the old office we couldn't take on more people to fulfil the projects we had. Now with the extra space, we have been able to hire people so we can take on larger projects and we are really looking forward to the future.”