09/06/2023 - Permalink

New funding now available for Shropshire businesses

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A new support package will streamline funding support for Shropshire businesses.

One of the aims of the UK Shared Prosperity Fund (UKSPF) – a fund set up to succeed and improve upon previous EU funding – is to simplify the funding process for businesses looking to access funds.

The UK Shared Prosperity Fund (UKSPF) aims to simplify the funding process for businesses.

As a result, Shropshire Council has partnered with Birmingham City Council and others to launch the West Midlands small-to-medium sized enterprise (SME) Grants Programme (WMGP).

Dean Carroll, Shropshire Council’s Cabinet member for growth, regeneration and housing, said: –

“Shropshire businesses have benefitted greatly from previous funding schemes like this.

“To date, the county has seen nearly £4m of investment and almost 200 jobs created, with numerous other jobs safeguarded.

“This new fund is great news for Shropshire businesses, and it’s great to be working with other authorities across the region to support businesses all across the West Midlands.”

Existing small-to-medium sized businesses based in the Shropshire Council area can apply for grants from £5,000 to £100,000. Businesses must employ less than 250 people, and have been trading for at least six months or more.

The majority of applications are expected to be for an average grant of between £10,000 and £20,000.

A larger grant will only be awarded in exceptional circumstances. This is to make sure that as many businesses as possible can benefit from the limited budget available.

Awards will be considered for the following types of projects:-

  • expanding and growing existing businesses
  • inward investment
  • developing new market opportunities
  • innovation, including new product development
  • capital investment
  • an increase in the productive capacity of new and existing premises through new property builds, refurbishment and extensions.

Applicants must demonstrate their projects will create new jobs.

Grant awards will also be limited to a maximum of 50% of the total project costs, with businesses expected to ‘match-fund’ whatever grant amount they receive.

All business sectors are eligible but there are some types of businesses and organisations that will not be able to apply. All potential applicants are therefore urged to refer to the eligibility criteria to make sure they qualify before submitting an application.

The fund is currently open for applications, with the current round closing on Wednesday 28 June 2023.  A new funding round will open on Monday 3 July 2023.

You can download the WMGP eligibility criteria and other WMGP documents

If you want to receive the WMGP application or have any queries please email wmgp@birmingham.gov.uk.