Funding to support growth and innovation in Malvern Hills District
Nearly £300,000 of funding will go towards supporting growth and innovation within the Malvern Hills District.
Last night (24 January), the Malvern Hills District Council Executive Committee approved funding for two projects as part of the UK Shared Prosperity Fund Investment Plan.
Up to £150,000 will go towards the delivery of the BetaDen programme and £140,000 will deliver the Worcestershire Growth Hub Service. The funding will enable the projects to be delivered until March 2025.
BetaDen is an existing programme located at the Malvern Hills Science Park which provides expertise that helps local entrepreneurs get their concept off the ground through workshops and support.
The project will continue to engage and support Malvern Hills technology entrepreneurs, businesses to commercialise their technologies, innovations with a focus on the key economic sectors, industries for the district including clean tech and net zero, and creative/digital industries.
It is predicted that the project will create up to 30 new jobs and 10 new businesses.
Worcestershire Growth Hub is a service that supports businesses at all stages of their business journey. Their aim is to help businesses develop their internal capability to improve their productivity, grow and create jobs.
The project will deliver measures to drive employment growth, research and development grants supporting the development of innovative products and services, support decarbonisation and improve the natural environment whilst growing the local economy.
The UK Shared Prosperity Fund is a central pillar of the UK government's Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025.
The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills.
Cllr Daniel Walton, Portfolio Holder for Economic Development and Tourism at Malvern Hills District Council, said: "This funding from the UK Shared Prosperity Fund will allow us to support businesses within the Malvern Hills District and in turn, grow our local economy. It will be an investment in local entrepreneurs who need backing to make their ideas a reality".
Phoebe Dawson, Director of Business Engagement at Worcestershire Local Enterprise Partnership (LEP) & Worcestershire Growth Hub, said: "The LEP is delighted to have been awarded funding from Malvern Hills District Council as part of its UK Shared Prosperity Fund. This funding will allow the Growth Hub to directly support businesses across the Malvern Hills District, offering signposting and access to local, regional, and national funding and support programmes.
Luke Willetts, Deputy CEO at Worcestershire Local Enterprise Partnership, said: "This UK Shared Prosperity Fund commitment from Malvern Hills District Council is fantastic news for BetaDen and the growing local community of innovators and entrepreneurs. BetaDen has already supported 43 companies since launch and helped them to raise over £6m in further investment funding to accelerate their growth. We look forward to attracting more innovators and supporting them to accelerate their ideas into commercial propositions, leading to business growth and job creation opportunities".
Note to editors:
The UK Shared Prosperity Fund is a central pillar of the UK government's Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. For more information, visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
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