Enterprise Fund praised

Initially proposed by Councillor Richard Holmes in 2017, to date it has supported 30 applicants across a diverse spectrum including manufacturing, engineering, creative industries, tourism, IT/communications, food and drink manufacturing, leisure, fitness, retail and wholesale with total funding amounting to £225,969.11.

The fund was originally sector specific but was re-purposed last year in response to the pandemic to include businesses from all sectors.

With sustainability and growth as its core aims, it has allowed young businesses to recover from the effects of the pandemic or adopt new practices during the most challenging of times.

Commenting on its success, the Mayor said: “I am delighted that as we reach its fifth anniversary, our Enterprise Fund is proving to be a valuable investment by Council in our young entrepreneurs who play a pivotal role in our local economy.

“Impact assessments have demonstrated the importance of this support and such assistance is more critical than ever given the changed landscape in which they are currently operating.

“When I first proposed this grant, I wanted to give a helping hand to business start-ups in their most difficult phase

“We wanted to recognise the vibrant entrepreneurial spirit which is evident in our borough and encourage young businesses to reach their full potential.

“It’s hugely encouraging to know that through this direct support from Council, previous recipients have reported a number of positive outcomes including increased turnover and production capacity, job creation and expansion to commercial premises.

“As a Council we are committed to growing our local economy and the Enterprise Fund is a clear demonstration of this.”

Businesses who applied to the 2021 Enterprise Fund will be contacted in the coming weeks in respect of their applications, with successful applicants in line for a share of £62,381.83.