Growth Factory manufactures financial support for Black Country SMEs
COMPANIES across the Black Country are to get vital financial support to help them expand.
The Black Country Local Enterprise Partnership has secured £3.1m from the £35m Regional Growth Fund, being run by Lancaster University, to set up the ‘Growth Factory’ in the sub-region.
Under the scheme, which is being led by Wolverhampton City Council, SMEs will be given access to a host of services, under one roof, to help expand, promote and support their enterprises.
This will include a package of grants, exclusive business support products and an offer of export and marketing experts that can be based within local businesses.
The initiative goes live on January 1, 2014, with the project finishing in March 2015.
The Growth Factory, which will deliver the scheme in the city, will aim to create hundreds of new jobs while safeguarding existing ones and attract further funding to continue the scheme beyond 2015.
It has come about as a result of the partnership incorporating the four Local Authorities, BC Chamber of Commerce, University of Wolverhampton, Manufacturing Advisory Service, UKTI and Growth Accelerator.
Businesses accessing the factory, be based in Wolverhampton Science Park, will be given day to day support and advice to tap into new markets, make the most of supply chain opportunities and to promote their operations.
A package of specialist support will also be put together for businesses focusing on innovation.
Cllr Peter Bilson, Wolverhampton’s cabinet member for Economic Regeneration and Prosperity, said: “This is fantastic news and the result of excellent partnership working.
“The Black Country economy is starting to grow again, particularly in the manufacturing sector, and we want to help small to medium businesses maximise the opportunities that will arise.
“The Growth Factory will help businesses expand, creating as well as safeguarding jobs and we are also confident that we will secure the necessary funding to continue this after 2015.”
Stewart Towe, chair of the Black Country LEP said: “The Black Country Growth Factory will support local SMEs to overcome capacity constraints and maximize the opportunities resulting from global growth, through access to new markets and competitive supply chain opportunities, to achieve our shared objective – to grow the Black Country economy.”
Allocation of the RGF money will be through Lancaster University. As well as helping to decide which cities’ proposals received funding, Lancaster University academics will also be providing on-going support and evaluation of the cities.
