£15m funding pot for growth targets small firms

Shropshire Council is hoping to drive economic growth

Small businesses will be offered grants to purchase new equipment or make improvements to their premises as part of a £15m funding pot to drive economic growth.

Money of between £2,000 and £10,000 is available as part of the Shropshire Small Capital Grant Scheme for Businesses.

Firms physically located in Shropshire Council's area with between one and 49 employees can apply.

Gary Spence, from the authority's business growth and investment team, said the funding had been made by possible by the the UK Shared Prosperity Fund (UKSPF).

The fund was launched by the government in 2022 to replace the European Social Fund.

Mark Jones, cabinet member for growth and regeneration, said the funding was aimed at supporting growth in the county.

"Many key projects have been identified by the team, and now both businesses and individuals are beginning to benefit from the support we have been able to provide," he said.

Applicants will need to demonstrate how the grant will help them create new employment opportunities or develop new products, processes, or services within their business.

They will also be expected to match-fund the amount of grant applied for by at least 50% of the total investment.