Funding lure for new shops in Wolverhampton city centre
A £50,000 competition to bring three new shops to Wolverhampton city centre under the Portas Pilot project has been launched.
Budding retailers will be battling it out for a slice of cash from the retail guru's project, which Wolverhampton won a piece of earlier this year. Leading city figures hope it will be the catalyst for a revival of the city centre, which is at present suffering.
The Portas Pilot money is being handed out in the city under an initiative called Idea2Reality. A shortlist of entries will be drawn up in January with the winners selected by mid-March.
The scheme will provide six months' business support and rent free units worth over £50,000 aimed at establishing three new retailers, in the Mander Centre, Wulfrun Centre and a surrounding street, by April.
Nicholas Pitt, Mander Centre director and Idea2-Reality chairman, said: "The competition is open to people with a new business idea or someone who already has their own business."
Councillor Peter Bilson, cabinet member for economic regeneration, said: "This is a unique way to help entrepreneurs get an excellent start in business."
Anyone interested should visit: www.idea2reality. co.uk
In addition seven runners up will be offered the opportunity of a market stall or the opportunity to showcase their products in the city centre.
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