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Grants available for Staffordshire business growth

January 2, 2018

This year could be the perfect time to grow your business, as reports show progress across a range of industries in Staffordshire.

Stoke-on-Trent unfortunately missed out on the City of Culture bid, and Brexit uncertainty is still in the air – but the county is more determined than ever.

A report highlighting the top 50 fastest growing companies in Staffordshire showed the firms contributed £1.59bn in revenues in the 2016/2017 financial year, an increase of 35.9%.

The Stoke-on-Trent & Staffordshire Growth Hub is backing that trend by offering small to medium-sized businesses capital grants from £1,500 to £10,000 (subject to eligibility criteria).

To be eligible for a grant, a business must have been trading for a minimum of 12 months, must be an SME based in Staffordshire and must fall under certain sectors (key exclusions include retail, Business to Consumer and land-based businesses). The Growth Hub particularly wants to hear from those in the manufacturing and engineering industry.

The grants aim to help businesses to continue to grow, by helping to foot the bill for the cost of equipment, aiding the expansion of a business premises, or supporting job creation.

The Growth Hub has welcomed the findings of The Staffordshire Growth Barometer 2017, a report by accountants and business advisors at BDO United Kingdom.

David Pooler, BDO Partner, said: “Staffordshire is well placed for continued strong growth: it’s important to make sure things stay that way.”

According to the report, the transport and logistics sector experienced the highest growth in terms of turnover, and the utilities industry was in the top position for job creation.

Manufacturing was the most represented sector on the list, with 10 out of 50 companies falling within that industry. This reflects the county’s strong industrial heritage.

The areas that experienced the highest growth in terms of turnover were Burton-On-Trent and Cannock.

In the document, David Frost, chairman of the Stoke-on-Trent and Staffordshire Local Enterprise Partnership, said: “Our formidable strengths include our unique location with great connectivity; our balanced economy, which is not reliant on any one sector; a very loyal workforce; and, most importantly, the can-do attitude of our people.”

Couple those findings with the fact that Forbes ranked the UK as the best country for business in 2018, and the future is looking very positive.

Forbes analysed 153 countries for its Best Countries for Business survey, which found the UK had risen from fifth last year to first – making it the first time the UK has topped the rankings.

The UK scored “particularly well” on technological readiness (fourth) and the size and education of its workforce (third).

If you want to grow your business, but need a little advice or funding, contact The Growth Hub on 0300 111 8002.

 

Sources:

http://www.bdo.co.uk/getmedia/78799863-a18c-4c21-98db-9a28b18b5772/FINAL-HB009455_Staffordshire-Report_v08c.aspx

https://www.forbes.com/sites/kurtbadenhausen/2017/12/19/the-u-k-tops-forbes-best-countries-for-business-2018/#3179789a26de

Call the Business Helpline to find out how we can help your business. Call 0300 111 8002.