Telford & Wrekin Council is helping high street businesses to adapt and diversify during the cost of living crisis by launching a new funding opportunity.
The ‘diversification’ grant, which is part of the Pride in Our High Street revive and thrive grants package, is available to high street businesses in all six borough towns including Dawley, Madeley, Oakengates, Newport, Ironbridge and Wellington.
In recent years, the business environment has changed significantly and businesses are looking at new ways to sustain themselves and increase sales by extending their product ranges or introducing new services.
High street businesses of all types can benefit from the funding which ranges from £500 to £4,000.
The Covid-19 pandemic demonstrated how important it is for high street businesses to be able to adapt and capitalise on new opportunities quickly.
Now many businesses are being further tested to the limit with soaring energy bills and the rising cost of goods and other overheads.
The grant can help businesses to pay for training in a new practical or technical skill that will either help them branch out into other areas or make them more resilient.
Funding can also help businesses to introduce new product lines to gain sales and purchase new equipment which supports the continued operation of the business.
The grant can also be used to provide marketing collateral including improved signage and packaging or cover advertising and promotion costs.
Those businesses who applied for a diversification grant during the pandemic can still apply but priority will be given to first time applications and those which are for a new activity.
All applications will be evaluated by Telford & Wrekin Council’s business support team.
Councillor Lee Carter (Lab), Telford & Wrekin Council’s Cabinet Member for Neighbourhood Services, Regeneration and the High Street, said:
“The pandemic was a huge challenge for our high street businesses but thankfully many of them have come out the other side and continue to be a crucial part of our local communities.
“Now the cost of living crisis has created further challenges which businesses need our help to overcome.
“We’ve supported high street businesses through our revive and thrive grants over the past three years and the launch of this diversification grant shows that we remain committed to supporting them, particularly at a time when they need our help the most.
“This grant will help businesses build on what they have established already but enable them to put new opportunities for growth into practice.”