The Department of Business, Enterprise and Regulatory Reform currently supports the following schemes for entrepreneurs in Torbay. This support is provided through the South West Regional Development Agency (SWRDA).
Vantage Point Innovation Centre at South Devon College, Paignton
Lymington Road Innovation Centre, Torquay.
To date, SWRDA has contributed £1.8 million to these schemes matched with £0.78 million of European Regional Development Funds (ERDF) from the South West European Objective 2 Programme. The Objective 2 programme is also contributing £3.4 million ERDF towards the £7.1 million infrastructure development costs of the White Rock Business Park, Paignton.
In addition to these schemes that are specific to Torbay, the Department also supports entrepreneurs in Torbay through the following regional schemes. This support, which is also provided through SWRDA, is funded on a regional basis and there is no budget specifically earmarked for entrepreneurs in Torbay. The SWRDA contribution to each scheme is shown in brackets.
Business support to Small and Medium Enterprises delivered through the Business Link core offer (£14.8 million per annum)
South West Angels Investor Network (total investment of £1.4 million)
Grant for Research and Development (£1.5 million per annum).
The Objective 2 programme has also provided over £21.7 million ERDF and £1.2 million of European Social Funds (ESF) to support businesses and entrepreneurs across the Objective 2 area which includes Torbay. The Objective 2 contribution to each project is shown in brackets.
Business Link (D&C)—Adding Value to the Business Support Network (£1,497,151 ERDF)
Business Link (D&C)—Developing the Business Support Network (£3,008,825 ERDF)
Business Link (D&C)—Social Enterprise Loan Fund (£1,200,000 ESF)
Devon County Council—Broadband4Devon (£5,366,000 ERDF)
SWIG (South West Investment Group)—Business Development Funds (£420,995 ERDF)
SWIG—Business Rural Enterprise Fund (£102,000 ERDF)
SWIG—Business Growth Fund (£700,000 ERDF)
Finance South West (Venture Capital Funds) (£9,630,070 ERDF)
Environment Agency—Envision (£1,078,656 ERDF).