Launch of new funding programme for SMEs in Coventry
A major new funding programme to provide small and medium sized businesses in Coventry with help and support to reach their growth potential has been launched.
Coventry and Warwickshire Growth Hub will be delivering the Coventry Investment Readiness Programme – a new UK Shared Prosperity Fund programme, on behalf of Business Growth West Midlands and the West Midlands Combined Authority.
The £281,533 scheme, which will run until March 31 2025, will provide guidance and support to SMEs to help demystify the world of business finance, covering topics including debt finance, asset finance, grants, equity, crowdfunding, and angel investment.
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The programme is aimed at improving the opportunities of securing external investment for start-ups, high-growth businesses in their early years and to help SMEs scale-up.
The Coventry Investment Readiness Programme will be split into two phases. The first phase is designed to help SMEs identify funding routes for their business, and the second phase will provide high intensity one-to-one expert advice with specialists and experienced investors, in order to help SMEs become investment ready.
Craig Humphrey, CEO of Coventry and Warwickshire Growth Hub, said being awarded the new Investment Readiness Programme for Coventry emphasised its expertise in a critical area to help SMEs fulfil their growth plans.
“We are delighted to have been chosen as a provider of this new programme in Coventry, which will lay the foundations for SMEs to access information and advice through free workshops and mentoring support with investment specialists,” he said.
“Our experienced team at the Growth Hub have been working closely with SMEs since we began in 2014 and we have successfully supported thousands of Coventry-based businesses.
“Scaling up is the next step for many businesses but it is not always easy to know where to go for trusted advice and support.
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“That is why this new programme is vital to help SMEs put their growth plans into action since not only will it create more job opportunities, it will boost the regional economy.”
Paul Edwards, Head of Economic Development and Delivery at the West Midlands Combined Authority, added: “We know that securing external investment and capital is key to the success of businesses right across the West Midlands and that it is not always an easy thing for businesses to do, no matter how strong their growth plans are.
“We’re delighted that Coventry and Warwickshire Growth Hub is leading on ensuring that Coventry businesses receive timely advice and support in securing the finance that will enable them to realise their growth ambitions.”
