Companies urged to weigh in behind small business support fund
Big business in Telford and Wrekin is being urged to come together to help create a new funding initiative that could help dozens of small businesses across the borough flourish.
Telford & Wrekin Council working together with the Telford Business Partnership is inviting businesses to join a small business growth fund at a special event next week.
This would give smaller firms access to funding that many find very difficult to obtain from traditional banks, particularly following the credit crunch.
The Council and Telford Business Partnership are seeking other partners to join them to create a fund of up to £250,000 which can then be loaned out to help small businesses grow. Telford & Wrekin has already committed £25,000 to kick start the fund and a number of other business have also said they will put money into the scheme.
If the Council hits this target, the fund could be then doubled with support from the Black Country Reinvestment Society, helping many more businesses to benefit.
A special event is being held at the University of Wolverhampton campus at Priorslee, Telford, on Wednesday October 26 to promote the ground-breaking initiative with business leaders.
The idea is part of the Council’s Co-operative Council drive to involve local people more closely in the work of the Council and local decision making.
In addition Telford Business Partnership members will offer small businesses advice and mentoring in professional areas such as accountancy and human resource to provide a further boost.
Anyone wanting to come to the event should contact Jaclyn Kitson on 01952 567578 or Jaclyn.kitson@telford.gov.uk
Cllr Shaun Davies, cabinet member for Environment, Co-Operative Council and Partnerships, said: “The feedback we have had from the business community and more widely in the borough is that this is an initiative that people really want to see.
“It will help create a climate that encourages more economic green shoots which so often comes first from small businesses and major local firms can really do their bit for local entrepreneurship.
“A fund like this can make a real difference and support hundreds of small local businesses to grow. I look forward to many more firms supporting their scheme and the Council and the business community working together to help create new opportunities for small and new businesses to grow
“Once we secure initial support the scheme could then become self funding and over time loan much bigger sums to help create new jobs and wealth in the borough.”
