To receive the performance report of the Invest Telford Scheme.
The Cabinet Member: Neighbourhood Services, Regeneration & The High Street presented the report of the Director: Housing, Employment & Infrastructure.
The Borough had experienced significant growth, driven by the Council’s economic development strategy, Enterprise Telford. The economic situation had recently changed due to the cost of living crisis and the strategy had been refreshed to account for this.
The report presented the Council’s pledge to businesses to provide a bespoke package of support to any business located in, or looking into locating in the Borough. The Council had a dedicated team within the Business Growth Hub to provide support for businesses as well as organisations, funders and government agencies.
Over the upcoming months, the Council would launch a range of new grants; the programme would focus on export support, grants for start up and growth and supporting energy efficiency.
Members noted that Small and Medium Enterprises accounted for 98% of employment in the Borough and the other benefits of a vibrant and thriving High Street.
The Leader of the Liberal Democrat Group welcomed the report and requested that green spaces and greenery around industrial areas continue to be protected.
a) The launch of Invest Telford to further the promotion of the Borough for investment and the support provided to businesses, including the launch of the new website and prospectus, currently being finalised, be approved;
b) The co-production of a new Invest Telford Economic Strategy for the Borough to be presented for approval to Cabinet in the Autumn be approved;
c) The focus of the Council’s new business grant programme as proposed in paragraph 4.14 of the report be endorsed;
d) The contribution that the Council’s approach to business and investment support is having on the local economy, businesses and residents be noted.