More support for hundreds of Telford and Wrekin businesses
Around 800 small and medium sized businesses in Telford and Wrekin are expected to receive support or grants to grow or start up over the next three years creating dozens of new jobs.
This is thanks to two new major projects due to begin later this year.
From October, the ‘Marches Growth Hub project’ - delivered by Telford & Wrekin Council - will support the start-up of 40 new businesses.
Additionally for nearly 800 established businesses, there will be help for them to grow; this will include mentoring, coaching and tailored action plans.
At the same time. the Council is set to become a partner in the ‘Marches Building Investment Project’. This project will offer small and medium sized businesses across Telford and Wrekin, Shropshire and Herefordshire grants of £4,500 to £100,000 for building work to help them expand.
At its meeting on Thursday 15 September, Telford & Wrekin Council’s cabinet is expected to agree its involvement in both projects.
Councillor Lee Carter, Cabinet Member for Council Finance, Partnerships & Commercial Services, said: “One of our to help try and off-set the Government cuts is to be a business winning, business supporting council..
“We have been working hard to protect and create jobs, and keep doing what we can to generate growth in the local economy. The outcomes from this generate income for the Authority to help protect frontline services, but also reinforces our commitment to reducing unemployment, supporting innovation and providing the potential to create more new higher skilled jobs for local people.”
If approved, the Marches Growth Hub Project will deliver £1.067m of support across Telford & Wrekin, Shropshire & Herefordshire.
More than half the money (£610,731) will come from the European Regional Development Fund (ERDF), with this figure matched by the 3 Local Authorities.
Telford & Wrekin Council will contribute £161,012 through staff time with the balance coming from Shropshire Council and Herefordshire Council. The project will be managed by Telford & Wrekin Council with support delivered to Borough businesses through the Telford Business Growth Hub based at the Priorslee Campus of Wolverhampton University.
The Marches Building Investment project will provide grants totalling £2.5million to match investment by small and medium sized businesses to enable their expansion and improvements to business premises. .
The majority of the funding for this project overall (£2.85m) will come from ERDF (£2.826m).
Both projects are due to run from October 2016 to December 2019 and are jointly expected to create approx. 70 new jobs in the Borough.