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Wolverhampton Business Solutions Centre
A £1.4 million fund for businesses to create jobs in the Black Country was being officially launched today by the Express & Star and the University of Wolverhampton.
Grants worth up to £50,000 will be offered to small and medium- sized companies who are struggling to get finance.
The Green Shoots Fund, available to businesses operating within the Wolverhampton, Walsall, Sandwell and Dudley council areas, promises mentoring from business experts to help firms get the most out of their funding.
The groundbreaking project comes as companies continue to struggle to get finance from the banks to expand and take on new orders.
The fund will be offered for 18 months and is aimed at companies with fewer than 250 employees or even sole traders. It is intended to support advanced manufacturing, building technologies, transport technologies including aerospace, environmental technologies and business services.
These sectors are seen as some of the fastest growing industries for British businesses to be able to boost jobs at home and export to other countries.
Businesses will be able to supplement their own investment by applying for an award from £10,000 to £50,000 to support their own projects.
The Green Shoots Fund has been set up by the university and the newspaper and comes from the Government’s Regional Growth Fund.
More than 60 expressions of interest have already been received before the scheme has even been launched. The university and the Express & Star were told last October that they had been successful in securing the money but have had to wait until now to go through the Government’s due diligence process.
The scheme has been backed by MPs from both Labour and the Conservatives including Dudley North MP Ian Austin, Dudley South MP Chris Kelly, Wolverhampton MPs Pat McFadden, Emma Reynolds and Paul Uppal, Warley MP John Spellar, West Bromwich West MP Adrian Bailey and Walsall MPs David Winnick and Valerie Vaz.
Working with the Black Country Local Enterprise Partnership, the Black Country Chamber of Commerce and councils, businesses will be eligible to apply for grants to match their own investment.
Professor Geoff Layer, vice-chancellor of the University of Wolverhampton, said: “What we hope to achieve is to create jobs in the Black Country, particularly in these sectors, which we see as crucial to the economic regeneration of the region.
“As well as creating jobs we hope to secure jobs in the supply chain of the organisations who are successful.
“This is a fantastic opportunity for a growing business. And it’s about getting people back to work.”
Applications for the fund are being accepted by Wolverhampton Business Solutions Centre, a university-run service based at the city’s science park. Centre manager Gary Dimmock said: “We would encourage people to apply early because even if they are not successful, we will give them feedback that may help them to apply again.
“If we can’t get them into the Green Shoots Fund we may be able to help them seek funding elsewhere.”
Applicants have to be able to invest the same amount of money themselves that they are seeking from Green Shoots. The added bonus of the scheme will be the mentoring.
Staff from the Wolverhampton Business Solutions Centre will be able to match applicants up with an appropriate expert who will give them advice.
How to join in:
Here’s what to do and when:
*Please note that the above dates may be subject to change.
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