The Heart of the South West LEP is urging Government to commit vital funding to support South West businesses during the economic crisis.
Karl Tucker, Chair of the Heart of the South West LEP, said: “As our businesses struggle with rising costs of doing business and recruitment challenges, it’s more important than ever that they are supported to help them to weather the current economic storm. We are urging Government to confirm their support for the South West business community, to help our businesses to flourish now and in the future.”
The LEP is pleased that Government has confirmed future funding for the Heart of the South West Growth Hub for 2023/24, but in order to avoid the annual ‘hand-to-mouth’ funding model wishes to see this extended through 2024/25. Government has also agreed further core funding for LEPs for 23/24.
Inflation may be predicted to fall later this year, but businesses still face multiple challenges dealing with higher costs and sourcing the right skills. The Growth Hub provides local businesses with free, impartial, expert advice on grants, cost of living, Brexit, finance, marketing, recruiting, trading, training and more, and has supported over 6,100 businesses to date. Their cost of living resources includes schemes and advice on managing and mitigating the impacts of rising costs, as well as helping organisations to improve energy efficiency and build business resilience.
The Growth Hub’s Thrive programme has supported over 600 businesses to achieve their goals since October 2021, with a fully-funded, bespoke package of 1-2-1 sessions, webinars, and a review session with the Growth Hub’s expert advisors. Tailored to each business, these can cover topics such as digital support, leadership, finance, human resources, innovation, business planning and marketing.
David Hynd, Programme & Partnership Manager at the Heart of the South West Growth Hub, said: “At a time when small businesses are facing unprecedented challenges, it’s more important than ever that they have access to the resources they need to succeed. The Heart of the South West Growth Hub is committed to providing free, impartial advice and support to help local businesses flourish, creating a brighter future for our region.”
The LEP is also calling on targeted funding to support businesses in their transition to becoming net zero, helping them to comply with legislation and reduce their environmental impact.
The LEP-funded Make it Net Zero programme, delivered by the South West Manufacturing Advisory Service (SWMAS), offers a number of funded places to help businesses capture their carbon footprint, identify and implement priority improvements and create a bespoke action plan to support their journey to becoming net zero.
Stuart Elford, CEO of Devon & Plymouth Chamber, said: “Business support has never been so critical as businesses struggle to cope in a post-Brexit, post-Pandemic world that has left them with few reserves, spiralling costs and a lack of people. They also need help to achieve their net zero ambitions against this difficult backdrop and in a region with poor connectivity and physical infrastructure.
“It is vitally important that businesses can access information, advice and support, as well as signposting through one organisation. The Devon & Plymouth Chamber completely supports the Heart of the South West Growth Hub, and asks Government to continue funding this vital service so that it may help businesses survive and thrive.”
Find out more about the Heart of the South West Growth Hub.
