Funds open to growing businesses looking for support to grow.
Finance Birmingham, a national provider of growth capital, today reports on the successful roll-out of its £90million SME funding programme. The programme has helped 35 businesses create and safeguard more than 1,200 jobs across England in less than 12 months.
The funds, launched in summer last year, offer small to medium sized businesses support to grow and create jobs.
Sue Summers, Chief Executive of Finance Birmingham, said: “SME businesses are the driving force of the UK economy. While representing less than 1% of established businesses, high growth SMEs are responsible for 20% of all job growth over a typical three-year period. Supporting these businesses is therefore vital.
“Over the last 12 months we have focused very clearly on helping to provide not only the flexible funding options that these businesses need, but a speed of delivery and expert advice not found elsewhere. So far, in supporting 35 companies we have helped to create and secure 1,292 jobs. With funds still available, I’d encourage all businesses with solid growth plans to get in touch.”
One of the region’s real success stories, Green Room – a retail design practice which is headquartered at the iconic Fort Dunlop and employs a team of more than 60 – has grown its profits year on year since it was founded in 2001 by entrepreneur Richard Ash. It secured multi-million pound investment through Finance Birmingham to support its continued expansion.
The funds are open to businesses across a broad range of sectors and locations.
Summers added: “Many of our funds are open to businesses across England, so while we have a strong track record of helping businesses in the Midlands, we are increasingly supporting many that are further afield.”
Birmingham headquartered handmade burger Company recently benefited from £600k from the fund to support the fit out of its latest restaurant in Grand Central, the city’s newest retail and leisure destination. The funds will also see the business refurbish two of its existing outlets in Brindleyplace and Touchwood Shopping Centre in Solihull later this year.
Chris Sargeant, owner of handmade burger Company, commented: “As a business, our ambitions were first brought to life in Birmingham so it is fitting that our growth continues to be fuelled by the city that has long supported us.
“Finance Birmingham took the time to understand our business, growth plans and the speed at which our industry moves. They are an agile and highly experienced team that has allowed us to make huge strides in our nationwide expansion plans in a short space of time.”
Coventry Chemicals, a leading manufacturer and supplier of cleaning products to the professional, retail and healthcare sectors, also received £1.75 million to support its international growth, including plans for a major export drive. The funding has enabled the business to invest in innovation, with new machinery and improved materials, helping it to meet the demands of a fast moving sector, as well as create 10 new roles and secure 140 jobs at its site in Coventry.
Steve Quinlan, the company’s managing director, said: “Finance Birmingham’s support has enabled us to take forward plans for international expansion and growth in the UK. The team has worked closely with us to build a package that will allow us to develop innovative new products and capture the growth opportunities that these will bring.”
For further information about Finance Birmingham, or to find out more about funding available, contact a member of the team on 0121 233 4903 or visit www.financebirmingham.com/contact.