New £3m support programmes to drive economic growth
Two new support programmes have been launched by Business Growth West Midlands (BGWM) to turbocharge the growth of some of the region’s brightest businesses and to help others move into new transport markets.
Businesses can now apply to join the High Growth Accelerator and Supply Chain Transition Programme, which are fully funded for businesses thanks to Commonwealth Games legacy money set aside to drive economic growth.
The Supply Chain Transition Programme will help small and medium-sized enterprises diversify their customer base by winning new orders in growing areas of the economy – aerospace; very light rail and light electric vehicles; and micromobility such as e-scooters and cargo bikes.
Up to 160 businesses will benefit from workshops, intensive one-to-one coaching, peer-to-peer support, and meet-the-buyer events.
The programme is being delivered for BGWM by C&W Business Solutions Ltd (electric light vehicles and very light rail), Midlands Aerospace Alliance (aerospace), and Warwick Manufacturing Group (WMG), which is part of University of Warwick, (micromobility).
The High Growth Accelerator will identify 50 of the region’s businesses with the most potential and provide them with tailored support to unlock barriers to sustainable growth.
The programme, delivered by Birmingham-based Gateley Global, will include help to use data to drive strategy, access research and development facilities, provide guidance around issues such as intellectual property, and functional support such as governance and tax.
Business Growth West Midlands is delivered by the West Midlands Combined Authority (WMCA).
The High Growth Accelerator and Supply Chain Transition programmes have been made possible thanks to the £70m Commonwealth Games Legacy Enhancement Fund – the underspend from the 2022 Games which the UK Government agreed to reinvest back into the West Midlands to ensure its positive legacy is felt by as many people as possible across the region.
Richard Parker, mayor of the West Midlands and WMCA chair, said: “We’re setting a new course for the region’s economy – one that will ensure our region is at the front of the race to develop the jobs and industries of the future.
“These new support programmes we are launching through Business Growth West Midlands will provide 200 businesses with the help and guidance they need to accelerate their growth and find new markets in three important sectors, helping to drive our transition to a green economy.”
Both programmes will bolster the West Midlands Plan for Growth, which has identified eight clusters that with public and private sector investment can help grow the West Midlands economy by more than £3bn, creating up to 45,000 new jobs.
Cllr Stephen Simkins, WMCA’s portfolio holder for economy and innovation, and leader of City of Wolverhampton Council, said: “We know that getting the right advice and support is essential to business success and with our partners it’s critical we help provide access to the tools businesses need to thrive.
“The Plan for Growth is the blueprint that is driving the investment needed to generate high quality jobs and valuable opportunities for local people. Thanks to Commonwealth Games legacy funding we’re now offering this direct support to help businesses deliver these outcomes.”
