Businesses across the region have enjoyed an £8.6million growth dividend in the last three years thanks to the Marches Growth Hub, new figures have revealed.
And the region can expect another £30million shot in the arm over the next three years thanks to the work of the hub and European Regional Development Fund (ERDF) support.
Paul Hinkins, chair of the Marches Growth Hub, said the figures showed the huge impact the one-stop shop for business advice and support was making to drive business success and growth across Herefordshire, Shropshire and Telford & Wrekin.
“The latest figures we have are that between January 2016 and September 2019 there has been approximately £8.6m provided to businesses in the Marches through the ERDF programme, either in the form of direct finance and grants or via business consultancy,” he said.
“In addition to that, between now and June 2023 it is anticipated that a further £30m will go towards business in the Marches.
“This is money and support which is making a real difference to the success of our economy, the ability of our businesses to thrive and grow and to improving the lives of everybody who lives and works in this region.
”This money will have helped create not just economic growth and wellbeing, but new jobs, new opportunity and the innovative new products which will future-proof this region for years to come.”
Mr Hinkins urged businesses to make the most of every penny of funding and support available to them by taking up the Marches Growth Hub’s £10m Growth Challenge.
The challenge – launched by the hub in July – calls on businesses across Herefordshire, Shropshire and Telford & Wrekin to claim their share of all the funding available to help them grow.
From April to September, the four largest funding programmes awarded a combined £972,000 across the region in a move anticipated to create 29 new jobs.
The release of the figures comes at the same time as the launch of a new website – https://growthchallenge.co.uk/ – designed to make accessing some of the financial support and help available as straightforward as possible.
“If you have not looked at the website to see if there is any help available for your business then I would urge you to do so straight away. We want to use as much of this money as possible across this region,” Mr Hinkins added.
The challenge brings together funding from the ERDF and the Government-backed Midlands Engine Investment Fund and includes schemes such as the Business Growth Programme 2, Marches Building Investment Grant and the Business Energy Efficiency Programme.