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Solihull businesses urged to tap into new funding pot

SOLIHULL businesses with growth plans that need finance are being urged to come forward and tap into support on offer through the Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP).

SOLIHULL businesses with growth plans that need finance are being urged to come forward and tap into support on offer through the Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP).

The GBSLEP has a number of funds and schemes now online to help companies that have expansion plans needing finance.

Among the schemes available is the Regional Growth Fund, which has been extended to a fourth round worth £350 million.

With a minimum allocation of £1 million and the requirement to at least match the Government contribution, this is targeted at larger companies.

However, the GBSLEP and its partners can combine bids for smaller and medium sized companies in the region so even this scheme could be right for your business.

A range of other schemes – including the Growing Places fund for development projects, the Advanced Manufacturing Supply Chain Initiative and Birmingham City Council Loan Fund – are also available, in addition to the Business Development Programme which offers grants of between £10,000 and £15,000.

Paul Heaven, GBSLEP Board Director with responsibility for access to finance, said: “The LEP has been successful in securing funding from Government for a number of specific schemes which are now live. We know all too well that many businesses in the LEP have growth plans which have been put on the shelf because of difficulties getting finance.

“It may well be that we have a programme that is right for them, or we may be able to put them together with other like-minded businesses to form consortia that can bid for funding. There are a number of loans, grants and even equity finance available for businesses that have specific growth plans that create jobs.”

Businesses are also being encouraged to use the recently-launched Central Business Portal – an online resource showcasing difference forms of support available within the LEP – which can be accessed via www.gbslep.com.

Paul Heaven added: “While the LEP has finance available, there are a host of other providers and organisations who are providing similar schemes and the Portal is an excellent way to find out what is available.”

 

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