New figures reveal access to finance still top of business agenda

Data compiled by the business support teams in Herefordshire, Shropshire and Telford & Wrekin shows the vast majority of enquiries they received in the last three months concerned funding opportunities.

The figures, which cover April to June this year, show 75 per cent of enquiries were about either the Marches Energy Grant scheme – which offers help to cut energy bills and carbon emissions – or other funding programmes and finance.

The three teams – the Herefordshire Growth Hub, Shropshire Growth Hub and Invest Telford – provide comprehensive support to the business community across the region in conjunction with the Marches Growth Hub website.

The website offers a comprehensive guide to the funding programmes, business support and advice, skills training, events and seminars and workshops on offer throughout the region.

The latest figures from the three teams show:

- A total of 971 businesses were interacted with over the three months

- 962 businesses attended events organised by the teams

- 355 referrals were made to funding, business growth, support or advice programmes

- 40 per cent of enquires related to the Marches Energy Grant

- 35 per cent were about funding or finance

- 15 per cent concerned general business advice

- 10 per cent related to skills and training, events and other issues

Matthew Potts, business growth and investment services manager at Shropshire Council, said the figures showed that accessing finance to help fund growth and development – as well as meeting Net Zero targets – remained a key priority for businesses.

“We know that very many businesses across the region are ambitious for the future but putting together the money to invest in their own growth and success continues to be a challenge.

“We can help – and have a proud track record of supporting all sizes and types of business in our region to meet their ambitions as these latest figures show.

“Our three business support teams offer unrivalled expertise and knowledge of the full range of business support, funding options and events taking place in their areas, while the Marches Growth Hub website brings together all the local, regional and national support in one user-friendly site.”

Of the enquiries received over the past three months, 33 per cent were from companies which have been trading for between one and three years, 28.5 per cent from start-ups, 20 per cent from businesses which were older than three years old and 13.5 per cent from pre start-ups.

“The range of businesses – and in particular the number of pre start-ups and new businesses – shows that the entrepreneurial spirit is alive and well across the Marches.

“Our business teams and the website are here to help in any way we can and I would urge anyone who needs advice and support to get in touch with them to see what opportunities are available.”

The Shropshire Growth Hub is available on 01743 250526 or at marchesgrowthhub@shropshire.gov.uk

Invest Telford can be contacted through email at Invest@telford.gov.uk