Businesses in Greater Birmingham are invited to apply for funding as part of a newly launched grant programme designed to help organisations adapt their business models in reaction to the changing economic climate caused by Covid-19.
The £2 million Pivot and Prosper Grant Fund has been launched by the Greater Birmingham and Solihull Enterprise Partnership (GBSLEP) and gives businesses the opportunity to apply for match funding up to £40,000.
The funding is aimed at organisations who are seeking to accelerate their recovery from Covid-19 by embracing new business models, entering new markets or changing the way they work.
The funding is designed specifically to support the key strategic sectors identified in the Local Industrial Strategy and will help accelerate the efforts of organisations to pivot to new ways of working, leading to an increase in employment and growth in productivity and innovation.
To qualify for funding, businesses must be based within one of the nine local authority areas within the GBSLEP region: Birmingham, Solihull, East Staffordshire, Cannock Chase, Lichfield, Tamworth, Redditch, Bromsgrove and Wyre Forest.
They must also operate within one of the following sectors; Advanced Manufacturing & Engineering, Business Professional & Financial Services, Creative Industries, Energy & Low Carbon, Life Sciences, Food & Drink, and have between 10 -100 employees.
The scheme will also improve business resilience and speed up recovery by fostering collaboration and co-working across sectors and providing advice on taking advantage of newly developed technologies and processes.
Director for Stimulating Innovation at GBSLEP, Matthew Rhodes, said: “It’s vital that as we emerge from the current crisis, we help businesses focus on the opportunities to accelerate recovery and spread growth and jobs across the region. Some of the highest potential opportunities will require greater innovation and changes in business models, and we felt businesses which are willing to embrace these challenges deserve particular support.
“The Pivot and Prosper Grant Fund has been created to support businesses to embrace these new models. This will also increase business resilience across the region, helping organisations continue to grow, strengthen and create new jobs.
“We’d urge companies who are looking for support with adapting their business model to contact us as quickly as possible to see what resources are available to them.”
The Pivot and Prosper Grant Fund follows the launch of GBSLEP’s Step Forward schemes, which have already seen high levels of interest since launching on Monday 8th June. Schemes include employment and apprenticeship triage services, online training sessions and digital programmes and a click and drop service for co-ordinated deliveries for independents.
Matthew said: “We have already had great interest in our Step Forward schemes which is extremely encouraging, with many businesses contacting our Growth Hub. Strengthening business support and access to finance in our region is a key priority for GBSLEP, so to see so many businesses contact the Hub for support is fantastic news.”