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Steel support fund pumps cash into three businesses Magazine

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More than 100 job is likely to be created, plus a further 70 safeguarded because of a cash injection on the 3m British Steel Support Fund.

Three companies will share with the first round of funding, with three further applictions anticipated to be approved.

Almost 500,000 have been awarded to Moulded Fibre Products, Saxon Quality Foods and R J Engineering.

Along with all the additional three projects, the full value may be more than 890,000 and may create above 8.5m of personal investment.

The funding may be used for capital investments, training, wage subsidies for disadvantaged workers, and research and development.

Coun Liz Redfern, pictured, chair with the British Steel Task Force said:?”This is a plus news and demonstrates value of the British Steel Support Fund in helping businesses in the British steel supply chain and other local companies survive, grow and prosper C helping create and safeguard jobs.

“We has decided to be considering a further 18 applications. In addition to those already awarded, were helping create the necessary jobs and demonstrating a genuine commitment to supporting British Steel.”

A British Steel spokesman said: “The town where we operate is quite extremely important to us and now we wish these lenders every success making use of their expansion plans.”

North Lincolnshire Council put in place the taskforce to guide Scunthorpe steelworkers and give chain businesses right after the redundancy announcement this past year. This was pursued by the 3m support fund being launched in February.

The money are going to be employed for:
Moulded Fibre C machinery and premises expansion
Saxon C construct a new warehouse, relocate some services, install new equipment
RJ Engineering C buy new software and hardware to grow all the different services on offer

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