Richard Parker, Mayor of the West Midlands, has announced a substantial new support package aimed at boosting business growth and employment in the region.
This initiative, part of his broader economic revitalisation plan, includes up to £15 million in direct grants to support business expansion and decarbonisation efforts. Additionally, thousands of hours of expert advice will be provided through Business Growth West Midlands (BGWM).
Supporting Business Growth
Since his election last year, Mayor Parker has already allocated £10 million in growth funding to thousands of small and medium-sized enterprises (SMEs). This funding has been instrumental in helping businesses across various sectors, including manufacturing, technology, and high street enterprises, to expand their premises, increase their workforce, and invest in new high-tech equipment.
Expert Guidance and Expansion
The new support package will continue to build on these successes by offering tailored advice and support to businesses. This includes helping companies secure new contracts, enter lucrative overseas markets, boost their turnover, and attract additional investment. One notable beneficiary is A&M EDM Ltd, an engineering solutions company based in Smethwick, which received a £62,000 growth grant to purchase new machinery.
Comprehensive Business Support
BGWM, operating on behalf of the Mayor and the West Midlands Combined Authority (WMCA), provides businesses with customised packages to help them grow, adopt digital technologies, transition to new supply chains, and access funding opportunities. This comprehensive support aims to drive economic growth and create more job opportunities across the region.
The mayor commented:
“Our region’s economy has stagnated for too many years. When I was elected I said I wouldn’t sit back and let that continue – and I haven’t.
“I’ve backed the innovative and entrepreneurial spirit of thousands of businesses to help them grow, take on more staff, and bring life back to our high streets.
"And this year, we’re going even further – with another £15 million of funding and more of the practical support they need to succeed. That means more opportunities for local people to get good jobs and careers that make a difference to their lives.
“Our business community is the lifeblood of our economy. They are key to making the West Midlands a great place to live, work, and do business. That’s why I will keep giving them what they need succeed and help us get back to growth.”
Mayor Parker's ambitious support package underscores his commitment to fostering a thriving business environment in the West Midlands, ensuring that local enterprises have the resources and guidance they need to succeed.
Image credit: iStock
