News from our partners: £10million Growth Challenge launched for the Marches

News from our partners Marches Growth Hub 

The Marches Growth Hub today launched a £10million Growth Challenge to businesses across the region to help fire up the economy.

£10m Growth Challenge

The Hub says there is a £10m pot of business funding available to drive growth and create jobs and is now urging companies and entrepreneurs across Shropshire, Herefordshire, and Telford & Wrekin to bid for a share of it.

Paul Hinkins, Marches Growth Hub chairman, said the funding – and specialist support and advice which comes with it – could provide a massive wealth dividend for the region if it was all taken up.

Paul said:-

“The Marches has a rich heritage of business success and a thriving economy – and with the help of this funding we can make it even better.

“This support, which includes both grants and loans,  can act as a real catalyst to help launch businesses, kickstart growth, create jobs and boost the economy for all our communities.

“The Marches Local Enterprise Partnership has set some ambitious targets for the region’s growth over the next 20 years and we want to use this funding to help business to innovate into new sectors, drive up skills, boost wealth and create one of the best places to live anywhere in the UK.

“That is why we are today challenging businesses across our region to take up our offer, get in touch and see how we can help them grow and prosper.”

Mr Hinkins said there was a wide range of schemes under which businesses could receive support and it could sometimes be daunting for a company to know where to start.

“Fortunately our expert teams at our hubs in Hereford, Shrewsbury and Telford can help guide them through the funding maze and ensure they get exactly the help which is best suited to them.”

The funding comes from the EU’s European Regional Development Fund and the Government-backed Midlands Engine Investment Fund and includes schemes such as the Business Growth Programme 2, Marches Building Investment Grant and the Business Energy Efficiency Programme.

Steve Charmley, Shropshire Council’s Cabinet member for assets, economic growth and regeneration, said:

“The key to Shropshire’s success is the strength of its local economy. This is a fantastic opportunity for businesses to bid for money and support, enabling them to grow and employ more local people.”

Councillor Trish Marsh, cabinet member for environment, economy and skills at Herefordshire Council, said:

“The launch of the £10m Growth Challenge is excellent news for businesses in Herefordshire. It can be difficult for small and medium businesses to prosper in an uncertain economic climate, but by applying for funding, our hardworking and innovative local businesses can help to create new jobs, improve our local skills base, and boost the economy of our whole region.”

Councillor Lee Carter, Telford & Wrekin Council’s cabinet member for the Borough Economy, said:

“We are proud to be a business winning and business supporting council and our close involvement in the Marches Local Enterprise Partnership is a prime example of that.

“I would encourage businesses of all sizes to try to take advantage of the support that is available to them, including this £10m pot of business funding.”

Marches Growth Hub

More details about the Marches Growth Hub and the range of business funding schemes and projects available across the Marches can be found at https://www.marchesgrowthhub.co.uk/

About the Marches Growth Hub

• The Marches Growth Hub brings together all national and local business support in one place for the first time and is fully aligned to the Government’s ‘Business is GREAT’ campaign.
• A comprehensive business support website – www.marchesgrowthhub.co.uk – and dedicated enquiry line – 0345 6000 727 – provide businesses across the whole Marches region with access to funding, support and advice. All resources are available to enterprises of all sizes, from start-ups to large employers.
• This is supported by physical hubs in Telford at the University of Wolverhampton’s Telford Innovation Campus, at Skylon Park in Hereford and at the Food Enterprise Centre in Shrewsbury.

Growth Hubs and the Growth Hub Network

The 38 Local Enterprise Partnership led Growth Hubs across England bring together and simplify access to national and local business support. Supported by Government, Growth Hubs ensure that no matter the size, sector or maturity of a business they provide locally tailored business support and advice to direct businesses to the most appropriate organisations to assist with their specific requests.

Some additional key facts:

There are 38 Growth Hubs covering the whole of England – one in each Local Enterprise Partnership (LEP) area.

At the end of 2018/19 financial year, the Government will have invested £56.4 million in Growth Hubs via Local Enterprise Partnerships. The Government has committed a further £12 million to Growth Hubs for 2019-2020.

EU European Regional Development Fund

Midlands Engine