Sandwell SMEs to benefit as council launches £6m funding scheme

BUSINESSES in Sandwell are in line for new financial support following a decision by the borough council to launch a new £6m funding scheme.

The launch of the new scheme follows the local authority’s success last year in helping companies across the borough secure critical business funding.

The new packages are intended to help support local companies with their growth and investment plans.
 
With the application process now open, both the Green Shoots + and Growing Priority Sectors in the Black Country grants aim to support a range of companies, from SMEs to large enterprises. The plan is to contribute towards their capital expenditure plans and in the process, help to create new private sector jobs.
 
A maximum of £1m is available for each application and the Black Country Local Enterprise Partnership (LEP) and Sandwell Council have now invited companies to submit applications.
 
Cllr Darren Cooper, leader of Sandwell Council, said: “As a council, we are committed to supporting businesses growth aspirations and ensuring their ambitions are not hindered by a shortage of funds, skills or expertise. Our dedicated Think Sandwell team has a track record in helping businesses develop and grow, overcome challenges and achieve their commercial objectives.”
 
Since September 2012 the council has secured £12.9m of funding for various schemes. This support has helped to create and safeguard hundreds of jobs in the borough, together with monthly networking events.

Most recently, Think Sandwell provided business support and advice to Rimstock, a manufacturer of alloy wheels. The funding support, secured through the Government’s Regional Growth Fund (RGF), enabled Rimstock to invest in new manufacturing techniques and processes at its Church Lane factory in West Bromwich. This has helped to safeguard and create new job opportunities locally.
 
The first stage of the application process sees firms submit Expression of Interest. The Black Country Growth Hub’s Access to Finance team will review the submitted forms and where projects are suitable for Green Shoots + or Growing Priority Sectors, an invitation to submit a full application will be sent.