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Funded through the council’s £5.8m UK Shared Prosperity Fund (UKSPF), four new grant funds have been launched to encourage growth and further investment from our SME businesses.

This latest announcement closely follows the launch last week of the fully-funded Business Advice Service.

Small and Large Grant Funds have been set up to encourage business growth and provide financial backing to eligible capital investment projects.

These funds aim to enable businesses to expand into new markets, adopt new technologies or processes, improve productivity, launch a new product or service as well as creating and protecting jobs.

Small grants from £1,000 to £3,000 will support up to 60% of the total eligible project cost while large grants from £5,000 to £20,000 will fund up to 70% of the total eligible project cost.

In addition, there is also a Business Development Fund for business growth through third party specialist support, with grants available between £5,000 and £9,000 up to 70% of the total project cost.

Finally, a specific funding stream, called the Export Grants fund aims to help businesses become more aware of new opportunities by trading in overseas markets. This will address barriers to trading internationally and improve international trade capabilities, increasing the value of goods and services exported. 

The fund will support 100% of the total eligible costs, up to a maximum grant award of £3,000, accessing additional resources, advice, overseas information, financial support and consultancy support. 

Working in partnership with the Department for Business & Trade, it adds value to existing export support that is currently available so businesses will receive a complete support plan.

For more information about these grants and to apply visit: www.investtelford.co.uk/thrive-telford

Up to 600 local businesses will benefit from UKSPF funding over the next two years - helping local people secure local jobs and deliver community-led initiatives for young people which address social disadvantage.

Invest Telford is committed to supporting businesses and nurturing collaborations that drive economic growth and promote sustainable development across the borough. 

Councillor Lee Carter (Lab), Telford & Wrekin Council’s cabinet member for place (the economy & neighbourhood services) said: “The team have been working hard behind the scenes to put together a package of support that maximises the amount of funding we have received. Thrive Telford is a programme of support which allow us to be flexible and responsive to business needs.

“We continue to be committed to helping our businesses start, grow and remain resilient, delivering on our pledge to ensure everyone benefits from a thriving economy.

“The grants will help businesses on a local, national and international scale depending on where the focus for growth is and by including a specialist development fund we can ensure the right support is provided at the right time.”

The Invest Telford business team offer businesses fast, responsive and bespoke solutions to help them achieve their business goals – from new start-ups and relocations to expansions and growth plans.

For more information about these grants and to apply visit: www.investtelford.co.uk/thrive-telford

Find out more about the UKSPF fund here.

For regular updates, you can sign up to the Invest Telford newsletter here.

Notes to Editors

The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. 

The Fund aims to improve pride in place and increase life chances across the UK by investing in communities, supporting local businesses and people and creating new skills.

For more information, visit the UKSPF prospectus here.