The average grant is expected to be £15,000, at a 50% intervention rate of total project costs the funding is for.
The council aiming to support at least 50 eligible businesses.
Funding will come from the UK Shared Prosperity Fund (UKSPF) – a 3 year fund replacing European Structural and Investment Funds (ESIFs) such as the European Regional Development Fund (ERDF) and the European Social Fund (ESF).
The 2 grants that will be available are the West Midlands Business grant and the Net Zero grant. The window for Expressions of Interest in both grants will open on Thursday 21 March and close at 4pm on Wednesday 10 April, 2024.
The West Midlands Business grant is intended to bolster investment, innovation and growth activities of SMEs, while the Net Zero grant seeks to support businesses to reduce their environmental impact and the rising energy costs these companies are experiencing.
The latest grants will be launched at a free breakfast workshop, at Wolverhampton Science Park (WV10 9RU) on 21 March, between 8.30am and 11am, where full details of grant eligibility and the application processes will be shared along with details of some of the other new business support programmes.
To book a place, visit Grants and Business Support 2024 - Wolverhampton Tickets, Thu 21 Mar 2024 at 08:30 | Eventbrite.
Councillor Stephen Simkins, City of Wolverhampton Council Leader, said: “In Wolverhampton, we are utilising the UKSPF funds to support SMEs in maximising their offer and capitalising on opportunities being generated by investment in our city – it will also give them the power to combat rising energy costs and support the city’s climate change initiatives.
“I would urge businesses to sign up for the event on 21 March to find out exactly what funding is available to them.
“Following the event there will also be support in place to help guide businesses through the process to access these grants.”
Applications for both grants are on a competitive basis, subject to availability of funds, and distributed at the discretion of the council.
If you need help with your grant application or have a general query, you can get in touch by emailing business.development@wolverhampton.gov.uk or calling the business support phone line on 01902 290242 between 9am and 5pm from Monday to Thursday or from 9am to 4.30pm on Fridays.
