AN “invaluable” resource for growing businesses in the Forest is to receive a funding boost of nearly £80,000 over the next three years through the district council.

The Forest of Dean Growth Hub, which is based at Vantage Point Mitcheldean, has been allocated £79,000 from the district’s £1 million share of the UK Shared Prosperity Fund (UKSPF).

The Forest Council says the funding will help the hub continue its work of creating new jobs and supporting local businesses to grow.

The hub is part of the county-wide Growth Hub network launched by local enterprise partnership GFirstLEP.

The Forest hub first opened its doors in October 2021, offering workspace, free support and events for local businesses.

The UKSPF is designed to take the place of European funding following Brexit, and will see £1 million distributed in the Forest over three years.

Cabinet member for the Economy, Bernie O’Neill said, “Job creation and business support is a core priority for the Council.

"We are committed to supporting the brilliant businesses already here in the Forest; but it’s also important to support new start-ups and to attract new businesses and inward investment to the area.

“The Growth Hub is an invaluable resource for supporting and growing businesses, providing advice, signposting and events that help them to grow.

"This support is vital if we are to create good quality, long-term and sustainable employment opportunities for people locally.”

The funding will be provided via year two (2023/24) and year three (2024/25) of the UKSPF, which runs until March 2025.

Sarah Danson, Director of Strategic Growth at GFirst LEP added: “I am delighted that Forest of Dean District Council will be supporting Growth Hub activity as part of their UKSPF fund.

“The Growth Hub is an essential asset for local businesses and our proven track record of success means we are trusted and valued by Gloucestershire’s business community.

"We look forward to continuing to work with SMEs in The Forest of Dean and helping their businesses to grow.”

The district has been allocated £119,000 for the first year of the fund.

Indicative funding is £240,000 for the second and £641,000 for the final year.

Nationally, the UKSPF will provide £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from thefund.

Details about the Forest’s allocation can be found at www.fdean.gov.uk/spf.