Extra funding allows business grant scheme to continue for another year

More than 100 businesses are set to be helped by business grants – creating 80 new jobs – after a further £260,000 has enabled the Business Enterprise Fund to continue until December 2014.

This further injection of capital means the Business Enterprise Fund now has £700,000 in total to award to 114 businesses and will enable the scheme to run for an extra 12 months.

40 individuals will also be assisted to start up their own business by the grant scheme. The fund had originally been planned to be open to applications until December 2013 until the extra £260,000 was allocated by the Department for Communities and Local Government.

This injection of money will also enable the scheme to be rolled out and available to Telford & Wrekin and Staffordshire businesses. The Business Enterprise Fund was launched in October 2011, covering Herefordshire and Shropshire.  So far the fund has granted over £560,000 to help 120 businesses on various projects and create 66 new jobs.

14 new start-up businesses have also been helped by the business grants to date.

Steve Charmley, Shropshire Council’s Cabinet member for business growth, said:

“This extension is really good news. We’ve already seen plenty of businesses throughout the region benefit from it, and to have more funds to assist even more businesses is really promising.”

The EU funded programme has grants available of up to £1,500 for individuals to start-up a business and £5,000 for existing business to improve performance, enter new markets or to help diversification.  The capital investment has to be match funded at least 50% by the business.

Companies such as the Ludlow Nut Company have seen the grants help their business grow with the improvements allowing for further growth in the future.

Other projects funded so far have been varied, from investing in new machinery to creating additional work or office space.  Projects which are likely to lead to creating additional employment are a target for the scheme.

The next deadline for applications is Monday 4 November 2013 at 5pm.

For more information and how to apply you can visit the website at www.shropshire.gov.uk/sbef  or call 01743 252596.