Businesses in Birmingham are set for a major boost as they
battle to deal with the global economic recession, as Birmingham
City Council's Cabinet is asked to agree a £10.9 million in
funding toward a far-reaching £17 million economic support
package.
Announced by Cllr Neville Summerfield, Cabinet Member for
Regeneration, the 'Working Neighbourhood Fund' package, delivered
in partnership with BeBirmingham, will see specially tailored
initiatives providing financial, logistical and creative support to
thousands of companies large and small, in the city centre or
suburbs.
It will also see major projects launched to train Birmingham's
current and future workforce, and promote the development of
specialised and regional centres specifically designed to nurture
new and independent businesses.
The £10.9m from the Council will trigger a further
£6 million in investment from partner agencies and funding
partners, including the ERDF, meaning the overall support available
to businesses will total more than £17 million.
Cllr Summerfield said: "This is the most far reaching package of
its kind we have ever undertaken in the city, and with its reach
and scale I am sure will play a very important role in helping
businesses in this city survive the current climate and best shape
themselves for future prosperity."
"The key thing about this package is that it has been designed
to offer real, tangible interventions, which will generate real
benefits that can be measured in jobs, businesses created and those
saved."
Highlights of the package include (WNF funding allocation):
Stimulating Demand (£2.04 million)
Comprehensive package to support development, survival and
growth of an estimated 440 existing and 50 new businesses.
Graduate Enterprise Employment (£1.2 million)
Delivered through Birmingham's three main universities, this
project will see 870 new graduates supported within employment or
new business start-ups, retaining them within the city upon
graduation.
Retail Development Programme (£1 million)
Based upon a successful city centre-based pilot supporting city
centre and suburban retail areas to attract and support independent
traders. WNF funding will attract a further £1 million from
the private sector .Target to support over 100 existing or new
retailers, protecting and creating more than 150 jobs.
Enterprise Coaching (£674,000)
Expert coaches will work within deprived and under represented
communities to provide advice and support to potential
entrepreneurs and new businesses of the future. Target of 1500
individuals engaged with.
Higher Skills (£525,000)
Full or part funding for up to 500 higher and further education
places within city, including funding of employment placement
opportunities.
Loans to SME Businesses (£471,000)
Help Small and Medium Sized Enterprises (SMEs) access loans of
between £1,000 and £50,000 from Arrow and ART,
specialist business loan organisations. Target to support 145
loans, protecting or creating 98 businesses and 390 jobs.
Support on Business Rates (£500,000)
Providing business rate relief to small and medium sized
businesses. Council investment will generate a further £1.5
million in relief from Central Government.
Entrepreneurs of the Future (£480,000)
Establishment of a dedicated unit within Birmingham Science Park
to support and provide facilities for start-up high tech
businesses. Predicted to create up to 20 new businesses and 70 new
jobs within 2 years.
The WNF announcement, which will go to the Council's Cabinet for
approval on Monday 13th June, is the latest in a number of
initiatives announced by the city as it looks to support the local
economy and workforce.
It follows hot on the heels of last week's announcement that the
Council, as part of the multi-agency LDV Taskforce, is to host a
major jobs and advice event at Villa Park on 24th and 25th
July.
The 'FUTURES: Jobs for Birmingham and the West Midlands' event
will see employers from across the West Midlands giving those who
attend the event the chance to apply there and then for jobs they
currently have available.
Visitors to the event, open 10am - 4pm each day, will also be
able to get free careers, benefits, debt management and training
advice.