New funding available for Cannock Chase businesses
October 17, 2023
A new support package will streamline funding support for Cannock Chase businesses.
It follows Birmingham City Council securing £7.4m of new grant funding to support SMEs in the region, funded by the UK Shared Prosperity Fund (UKSPF), which is a central pillar in the UK Government’s Levelling Up agenda, providing £2.6 billion of funding for local investment by March 2025.
One of the aims of the UKSPF, which is a fund set up to succeed and improve upon previous EU funding, is to simplify the funding process for businesses looking to access funds.
As a result, Cannock Chase Council has partnered with Birmingham City Council, Solihull Metropolitan Borough Council and Shropshire Council to launch the West Midlands SME Grant Programme (WMGP) thereby delivering a consistent package of business support across the region.
Councillor Josh Newbury, Cannock Chase Council’s Deputy Leader and Regeneration and High Streets Portfolio Leader said:
“Cannock Chase businesses have benefitted greatly from previous funding schemes like this. This new fund is great news for businesses looking to grow, invest or tap into new markets. It is particularly good to be working with other authorities across the region to collectively support businesses all across the West Midlands.”
Start-up and existing small-to-medium sized businesses based in the Cannock Chase Council local authority area can apply for grants from £2,500 to £100,000 to support their growth projects. Businesses must employ less than 250 people.
The majority of applications are expected to be for an average grant of between £10,000 to £20,000. Support is also available for Cannock Chase businesses looking to take on apprentices.
A larger grant will only be awarded in exceptional circumstances. This is to make sure that as many businesses as possible can benefit from the limited budget available.
Awards will be considered for the following types of projects:
- expanding and growing existing businesses
- inward investment
- developing new markets opportunities
- innovation, including new product development
- capital investment
- an increase in the productive capacity of new and existing premises through new property builds, refurbishment and extensions
- digital projects
Applicants must demonstrate their projects will create new jobs. Grant awards will also be limited to a maximum of 50% of the total project costs with businesses expected to ‘match-fund’ whatever grant amount they receive.
All business sectors are eligible but there are some types of businesses and organisations that will not be able to apply. All potential applicants are therefore urged to refer to the eligibility criteria to make sure they qualify before submitting an application.
You can download the WMGP eligibility criteria and other WMGP documents at http://www.birmingham.gov.uk/wmgp
If you want to receive the WMGP application or have any queries please email wmgp@birmingham.gov.uk.
