Published: March 24th, 2022
A Hereford business has been able to expand and take on an additional employee thanks to funding from the Small Equipment Grant Scheme.
Pearson Precision, based on Skylon Park, received a £10,000 grant under the scheme, which is supported by the Marches Local Enterprise Partnership and its business support service the Marches Growth Hub.
The grant has helped the company – which specialises in injection moulding of tools – purchase a 200ton trailing injection mould machine. The purchase will enable the company to grow in the manufacturing/production area, help to deliver energy savings and create one extra full-time position.
As well as creating new positions the company has been able to take on two apprentices from the local college.
Conrad Pearson said: “With the demands over the last two years on industry, having this opportunity as a company we believe the business has come out stronger with investments and training. Creating local opportunities has always been our main aim, and we are grateful to be in a position to achieve this.”
Cllr Ellie Chowns, Herefordshire Cabinet member for Environment and Economy, said: “We are always delighted to see local businesses able to flourish as a result of Small Equipment Grant funding, which is allocated by the council. Pearson Precision will be able to strengthen and expand thanks to this funding, as well as reducing their energy costs, which is good for the environment.”
Pearson also received a further £10,000 from the ERDF Business Growth Programme, which helped to provide a CNC machine and another full-time position.
Grants of between £1,000 and £10,000 are available under the Small Equipment Grant programme, which is open to small and medium-sized companies across Herefordshire, Shropshire and Telford & Wrekin.
The grant is available as a contribution of up to 50 per cent and primarily covers B2B companies. Items purchased must exceed £500 in value and have a life expectancy of three years. Eligible projects must lead to the creation of at least one part-time job within six months of the creation of a new product or service to be used by other businesses.
Because of restrictions imposed by the ERDF, the scheme is not available to retail businesses, restaurants, drinking establishments and fast food takeaways, online retail or rental businesses, farms involved in primary production, or local social welfare facilities.
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