£1m funding boost for Greater Birmingham Growth Hub

THE Greater Birmingham Growth Hub has secured a £1m funding package to help support growing firms across the region for the next two years.
 
The funding, from the Department for Business, Innovation & Skills, will enable the Growth Hub to expand its support programme and provide more specialists in sectors such as manufacturing.
 
The move is significant given the abolition of the Business Accelerator and Manufacturing Advisory Service programmes by the Government late last year.

While a welcome boost, the £1m is still a drop in the ocean compared to the real needs of developing businesses in the region.

Run by the Greater Birmingham & Solihull LEP, the Growth Hub has assisted more than 2,000 companies across the region since launching five months ago. During the past month alone, it has received more than 500 enquiries – about 25 per day.
 
Ian Mclaughlan, manager of the Growth Hub, said: “The number of enquiries we are receiving has really started to gain momentum, so it is great news that the Growth Hub’s future has been confirmed for another two years.
 
“We are planning to use the funding from BIS to develop the amount of support available – enabling our partners to offer greater levels of expert knowledge to local businesses. The Growth Hub is frequently contacted by businesses wanting access to finance or funding, and this will be a priority for us in the coming months.

“I am keen to ensure that key industries in Greater Birmingham, such as manufacturing, are provided with more support.”
 
The funding starts from April 2016 and will finance the Growth Hub and its support programmes until March 2018.
 
Anna Soubry, Minister for Small Business, Industry & Enterprise, added: “Small businesses are the fuel that powers the Midlands Engine. We are getting behind them so that they can create more jobs and opportunities across the country.

“The Greater Birmingham Growth Hub plays an important role in promoting enterprise in the region by ensuring businesses can access the national and local support they need to succeed. I’m confident the new funding will help lots of entrepreneurs to boost their business, adding value through local expertise.”