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Vince Cable Talks Steel In Redcar

Business Secretary Vince Cable heard first-hand about UK Steel Enterprise’s support for business in steel areas during a visit to its Innovation Centre in Redcar. 

The Government’s Regional Growth Fund (RGF) has contributed £1.2m to a new £4m Access to Finance Scheme set up by UK Steel Enterprise, one of the beneficiaries in the third round of RGF funding.

The Business Secretary met UKSE Regional Managers Simon Hamilton and Keith Williams with Ian Swales, Lib Dem MP for Redcar, who recently moved his constituency office into the Innovation Centre.

Vince Cable was told about the businesses already showing interest in the new scheme, a number of UKSE business success stories and some of the 80 thriving young companies that are tenants in the two Innovation Centres in Redcar and Hartlepool.

“The Access to Finance Scheme is enabling us to include an element of grant funding alongside our loan and equity finance,” explained Simon Hamilton. “We already provide growth finance of between £25,000 and £750,000 and the RGF support means that we can broaden the scope of our financial packages and that will give a real boost to businesses looking to expand and create jobs.

“The Business Secretary had a packed schedule for his visit to the North East so we were delighted he found time to visit us,” he added. 

PICTURE CAPTION: From left:  Ian Swales, MP for Redcar, and Business Secretary Vince Cable with Simon Hamilton and Keith Williams of UK Steel Enterprise at the Innovation Centre in Redcar.