Green Shoots spring up as Express & Star funds make the difference

The Green Shoots Fund is awarding shares of a £1.4 million pot from the government's Regional Growth Fund and has been praised by David Cameron and Nick Clegg.

Former business minister Lord Digby Jones also said the fund would help give businesses the confidence to employ people.

Birmingham born Lord Jones, the former head of the Confederation of British Industry begins presenting a BBC Two series troubleshooting for businesses next week.

He said: "I congratulate you for it, I thank you for it, I think it's fabulous.

"You need every small business in Britain to employ one more person. Ninety-two per cent of businesses employ fewer than 10 people so if every one took on one more person you'd solve youth unemployment.

"You have to have small businesses with confidence and that's what your money is achieving and I take my hat off to you.

"I've always gone on about media not getting business, not getting wealth creation and being suspicious of it but I've also thought the regional press is different and whether it's the Express & Star here or another somewhere else, regional media gets behind business. It always has. It's a critical friend, not there as a cheerleader, but it's always got behind it."

So far 12 businesses have been awarded a total of £392,000 between them to create 47 jobs between them. Companies with fewer than 250 employees and based in the Black Country are eligible to bid for up to £50,000 each.

West Bromwich based Longwear Alloys has been helped with its plans.

The company, which employs 15 people and makes melted ingots, needs new pieces of kit and some specialist industry training for staff. It is investing £48,000, with a £14,496 grant from Green Shoots.

Quality manager Colin Hunt said: "We have placed the order and our new spectograph machine will be up and running around the middle of the month.

"We can now start to make more exotic alloys and move to aerospace standard, which is what we set out to do. We'll also be recruiting a new administrator and an apprentice in the foundry. We've already taken on a new salesman."

The fund is now open again until the end of the month for new expressions of interest.

A team of business advisers working out of the university's Business Solutions Centre has also been going out offering support to applicants.

Green Shoots investment manager Martin Nicholas said: "We take great pride in the fact that Green Shoots is creating jobs within the Black Country. We know that the growth created will have a positive cumulative effect on the local and wider economy generally over the next few years. With such diverse support it is hoped that the programme can be used as a springboard to work closely in the future with local business and to create the opportunity for further similar funding that will benefit the Black Country and beyond.

"We want to help bring about opportunities for businesses and individuals to be successful and create a climate for growth within the area, creating more of a positive climate generally. Businesses often need support and this fund acts as a lever to open up new and exciting opportunities to carry out projects and create jobs that would not have been generated without the funding.

"We are here to support any business through the process of obtaining their grant. We have helped several companies to develop financial plans for their business. The support provided has been very well received and has helped organisations with their financial and business strategies in order to ensure future success.

"All of the companies are small to medium enterprises of varying sizes, structures and disciplines, from small factories who are embracing new technology for the first time, to those who have already seen growth and are now diversifying and expanding into new markets. It is very exciting to actually see projects coming to life and new job opportunities being created."

Help has been given with aligning applications to the required criteria, developing business plans and ensuring that the best possible applications can be submitted by the companies. This has included workshops, company visits and one to one sessions with applicants.

The Green Shoots Fund is open to businesses within the Sandwell, Dudley, Walsall or Wolverhampton council areas.

Full details of the fund and how to apply are available here.

For general enquiries call 01902 321272 or for detailed information call Martin Nicholas on 01902 323884 or email Martin.Nicholas@wlv.ac.uk