Rosebud Finance – which provides growth funding for Lancashire businesses – invested almost £7m in nearly 70 companies in the five years to the end of 2015.
The funding also helped the companies to secure a further £18m in finance from other sources and create hundreds of new jobs, according to figures compiled by Enterprise Ventures, which manages Rosebud on behalf of Lancashire County Council.
This strategy resulted in the creation of high-value jobs in the county, along with many businesses linking with our colleges and universities for their knowledge and recruitment.
As Rosebud prepares to mark its 30th anniversary later this year, it is now seeking new applications from firms wanting loans or equity funding to help grow their business.
A new fund aimed at smaller-sized businesses, Rosebud Micro, was created in 2008. Companies can get £10,000 to £49,000 to support their plans. Over the past five years, Rosebud Micro has invested over £750,000 and created around 180 jobs.
County Coun Niki Penney, chairman of Lancashire County Developments Limited – the county council’s economic development company, said: “Since it was launched, Rosebud has changed to reflect the needs of businesses, the aspirations of the county council and, more recently, the Lancashire Enterprise Partnership.
“In 2011, Rosebud responded to change by moving to invest in larger businesses in key growth sectors. This strategy resulted in the creation of high-value jobs in the county, along with many businesses linking with our colleges and universities for their knowledge and recruitment.
Paul Taberner of Enterprise Ventures said: “Rosebud was part of a visionary strategy on the part of county council to support entrepreneurship and create new sources of wealth and employment in Lancashire. Rosebud tends to be more flexible than other sources of funding and we can often support companies at an earlier stage.”