Almost £2.5million has been provided to South West universities to offer real help for businesses and communities during the economic downturn. The funding has been awarded by an Economic Challenge Investment Fund (ECIF) set up by the Higher Education Funding Council for England. This money been match-funded by universities' own funds, partners such as the South West Regional Development Agency, charities and local businesses to provide total contributions of £4.9million in the South West.
The Royal Agricultural College, University College Falmouth, University of Bath, University of Exeter, University of Gloucestershire, University of Plymouth and University of the West of England have gained a share of £27million of government money, which added to the match-investment, created a £50million fund nationally.
The ECIF was introduced earlier this year to enable the Higher Education sector to respond rapidly to the needs of businesses and individuals in the current difficult economic climate. HEIs are ideally placed to offer a range of support services through their expertise in skills development and retraining.
Practical help will be offered to 50,000 people and 11,700 businesses whether in the form of:
Businesses will also benefit from a range of initiatives, including:
Minister of State for Higher Education, David Lammy said: “Universities have demonstrated across the country that they are central to the fiscal stimulus that local communities, businesses families and young people need. Universities are clearly showing that they can provide a lifeline in these challenging times by offering targeted short courses to adults who have lost their jobs, by connecting small businesses to graduates and university expertise, and by offering graduates the skills and opportunities to set up their own business.”
Executive Director of HERDA-SW, Jeff Brown said: “We are gratified that so many of the South West HEIs have secured ECIF funding and this will make a real difference to people throughout the region. The region’s universities have a strong track record of supporting the employability of students and graduates, as well as working closely with industry and this funding will allow them to address some of the current difficulties faced by these groups.”
Though the focus is on rapid action and short-term help, universities are also looking to the future and how to help people and businesses succeed when economic recovery gathers pace. Preparing people for the professional skills that will be in demand in the future and supporting development in potential economic growth sectors, such as low-carbon technologies, are key features of a number of the bids.
For more information on ECIF and a full list of the institutions whose bids have been approved visit www.hefce.ac.uk/econsoc/challenge.