Worcestershire County Council Cabinet approves £3.5m plan to kickstart local economy
Worcestershire County Council’s cabinet have approved a plan to put £3.5 million into kickstarting the local economy.
The plan supports local businesses with match-funded grants of between £25,000 and £100,000, available over the next two years.
A survey of businesses across the county, run by the council in partnership with the Worcestershire Local Enterprise Partnership (LEP), district councils, the Chamber of Commerce, Worcestershire Business Central and other partners, found that around a third of businesses were just “ticking over”, a fifth were in “survival mode” and two per cent were already in crisis.
The grants will help businesses recover by expanding production, employing graduates, introducing new technology and to support diversification and build future resilience in light of the current economic circumstances.
Conservative councillor Ken Pollock, Cabinet Member with Responsibility for Economy and Infrastructure at Worcestershire County Council, said: “These grants are an important step for us reopening Worcestershire.
“We know that the pandemic has caused great stress and difficulties for many businesses and that the full extent of this is yet to be realised.
“Great work has been put into the Economic Recovery Plan and we hope that these steps can help support the county through a challenging period.”
The Cabinet has also approved a seven-point action plan, put together by the Open for Business Board, that will look at actions to kickstart the economy through the easing of lockdown and over the longer term support recovery over the next 18 months.