Business Enterprise Fund open for applications
In the first nine months of 2012 the Business Enterprise Fund has allocated £219,000 of grants to businesses within Shropshire Council and Herefordshire Council areas.
Thirty businesses have already benefitted from a total of £93,000 claimed for projects to aid increased sales, diversification into new products/markets, or to start-up a business.
Eight people have taken the opportunity via the fund to start a business, two in the manufacturing sector and six in the service sector. Grants have ranged from £1,000 to £1,500.
Jeff Newbrook of Advanced Polymer (Shropshire) Ltd said:
“The grant has allowed me to expand much quicker than I would have been able to if generating capital from my own profits. I will be able to engage my first employee within six months of trading and therefore expand at an accelerated pace.”
Other projects supported have included specialist training aids, wood chippers and office equipment.
Twenty-two existing businesses have been awarded grants of £2,255 to £5,000 and have invested in new equipment such as lathes, scanners, large scale manufacturing and printing equipment, and adaptations to business premises. Three tourism businesses have created additional visitor accommodation and visitor attractions. These 22 businesses have already created 18 new jobs with a further five in the pipeline.
Councillor Mike Owen, Shropshire Council’s Cabinet member for business growth and prosperity, said:
“This fund provides a much-needed boost to small and medium-sized enterprises throughout the two counties. The fund has plenty of unallocated money, and businesses should contact the council to establish if they too can benefit from these capital grants to help the business move to the next level.”
The Shropshire and Herefordshire Business Enterprise Fund was launched in October 2011, and has a total pot of £1 million funded by monies from the EU. It is open to any business within Shropshire and Herefordshire operating a Business To Business model (this also includes tourism businesses that operate directly with consumers) and is not involved in agricultural activities. Grants are available of up to £5,000 for existing businesses and £1,500 for start-ups and businesses that have been trading for up to nine months. All funds have to be matched 50% by the business.
The business support officers in both councils are available to assist businesses with the application process and if required additional support can be assessed through free business advice clinics in Shropshire. Support is also available via networks such as Heart of England Fine Foods (Heff), Wire, Princes Trust, Young Britain etc.
The fund is open for applications until December 2013; the next rounds close on 29 October and 3 December 2012, and further rounds are planned for 2013.
Further information and case studies are available on the website shropshire.gov.uk/sbef. For an application please contact business support at Shropshire Council via 01743 252596 or email business@shropshire.gov.uk.
