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.

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.

“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.”

To be eligible for the Coventry Investment Readiness Programme, businesses must be a small or medium sized enterprise based in Coventry.

The programme will also be available to businesses in the Black Country and Greater Birmingham and Solihull, with Oxford Innovation Advice delivering the programme in those areas. Any businesses in those areas should contact Business Growth West Midlands for support – businessgrowthwestmidlands.org.uk

Coventry businesses are being encouraged to register for the first set of workshops, which will be a mix of virtual and in-person, and which take place in October and November, by emailing investmentreadiness@cwgrowthhub.co.uk

This success for the Coventry and Warwickshire Growth Hub comes as the organisation goes from strength to strength, following a period of change in the Spring with the closure of CWLEP. The team has grown in recent months, with five new members of staff joining the Growth Hub.

Kat Phillips has been appointed Events and Marketing Executive to work across the Coventry Investment Readiness Programme, Made Smarter West Midlands, Coventry & Warwickshire Champions, and the Growth Hub while Sebastian Croft has joined as Made Smarter Project Support Officer.

Nina Bale is the latest Business Navigator to the team, Lucy Cross has joined Made Smarter West Midlands as the Digital Transformation Specialist for Greater Birmingham and Solihull, and Adam Norburn is now Company Secretary to replace Iain Patrick following his retirement.

Craig added: “The Growth Hub continues to be really busy dealing with the enquiries we receive asking for business support from companies in a wide range of sectors based throughout Coventry and Warwickshire.

“We are steadily growing our team to deal with all these and to build on our campaign to be still #hereforCWbusiness.”

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Client testimonials

Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

PALACIOS LTD,

It’s been a fantastic inaugural eight months for the TalentTech Recruitment team and, although the reality of setting up and running a company can be a somewhat daunting experience, we have been extremely grateful for the superb help, advice and guidance given to us along our journey by Gavin Barnett and the team at CW Growth Hub. Gavin’s introductions to both Warwick & Coventry Universities and his wider business network have been absolutely invaluable.

TalentTech Recruitment LTD,

For many individuals out there, it is very hard to figure out ways and know which direction to go when it comes to setting up a business. The challenges of taking your idea and bringing it to life and not knowing where to go and who to speak to for advice. it can get very frustrating..

King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

Thank you for the comprehensive and professional guidance

Burbidge & Son Ltd,

Over the years since the Growth Hub was set up we have habitually gone to our Account Manager as a one-stop shop for all business-related information. It has been a really convenient way of finding suppliers, advisors and, on one occasion, we even asked for assistance with finding customers. We are invited to a wide range of business events including business development workshops, Brexit roundtable discussions, seminars on various topics and have also been asked to speak at some events. When we have needed additional information, for example, finding finance sources or help with selecti

Marchantcain Design Limited,

Thanks to CW Growth hub getting us access to grant funding we have been able to invest in the latest computer monitoring system, which will enable us to compete with the national companies within our industry.

Comrie Leisure Limited,