A new Chorley business has created three jobs after being the first in the borough to be awarded a grant from Fuse Fund, a £4m Regional Growth Fund (RGF) programme that helps young businesses in Lancashire achieve growth.
NorthWest Waterjet Limited, based at Chorley North Industrial Park, has been awarded a partial grant of £23,372 to help them purchase high tech machinery needed to become competitive. It contributes to a total project cost of £93,488.
Andrew Dodd, along with his business partners Carl Sandell and Eddie Grimshaw, launched the business in November 2013 after recognising there was a gap in the market for offering water jet cutting in the area.
The new machinery uses high pressured water mixed with an abrasive garnet, which can cut through virtually anything.
Andrew said: “Without the Fuse Fund we would never have been able to get this venture off the ground. Cash flow is critical when starting up, so having the Fuse Fund contribute to the project has made a huge difference; and because it’s broadened our offer, we’ve seen an immediate uplift in sales.
“We’re pleased to say that business growth has exceeded expectation and we’re seriously considering buying a second machine later this year.”
Grants of between £5,000 and £50,000 are being offered by Fuse Fund, which is supported by the Government’s Regional Growth Fund. The grants contribute a quarter of the overall costs for capital investment projects such as machinery acquisition, property improvement, building expansion, infrastructure improvement, bespoke software and new management systems in businesses trading for less than 36 months.