Black Country SMEs seek LEPs help accessing finance

ALMOST 100 small businesses from across the Black Country have requested information on accessing finance as part of a new initiative launched by the area’s Local Enterprise Partnership.

The Black Country LEP has been running the Open Access to Finance forums in recent months and has so far visited Dudley, Wolverhampton and Walsall.

As a result of the three events 99 small firms have received advice on securing funding to support their business. The first event in Dudley in September attracted 44 businesses while a further 21 companies received support at the event in Wolverhampton during October.

At an event in Walsall, 34 firms requested help. The forums move to Sandwell in January.

Paul Kalinauckas, chief executive of the Black Country Reinvestment Society, which organises the events, said: “We have set up a working group in which financial institutions operating in the Black Country can assess current credit conditions and provision of capital to local businesses.

“Its purpose is to provide a comprehensive picture of what financial products are available in the Black Country and inform companies what they can realistically access.

“By running these Open Access to Finance forums we have created the opportunity for local businesses to meet financiers face to face for informal discussions.”

Financial bodies exhibiting and offering support at the events have included commercial banks, corporate financiers, law firms, business and financial advisors, small business loan funds, accountants and business schools.

Stewart Towe, chairman of the LEP board, said: “These free-to-attend events have proven very successful and we have had very positive feedback from businesses that have attended. We would urge others to get involved at future events.

“The forums give businesses a chance to access financial organisations and make contacts that we hope will lead to companies boosting their finances.”

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