Growth hub drives £103m turnover increase for businesses - report
The Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) Growth Hub has released a new report highlighting the impact on the region 's economy.
The Business Support Impact Report reveals the GBSLEP Growth Hub 's team of expert business advisers has helped businesses increase turnover by £103m, of which £32m is a direct result of the support provided.
7,189 companies have been helped since the Growth Hub was set up in 2016. The free and impartial service has also helped create 4,623 new jobs and safeguarded a further 8,528. This equates to £16.37 for every £1 invested.
The impact of the Growth Hub in driving inclusive and sustainable growth comes as the European Regional Development Funded element of business support comes to completion at the end of June.
GBSLEP Growth Hub was set up as a central point of contact for free and impartial business advice and signposting service for small and medium businesses (SMEs) across the Greater Birmingham and Solihull region.
Jon Egley, GBLSEP head of business support delivery, said: “I look back with pride on the performance of the team reflected in the key figures, which speak for themselves in showing the demand for the services provided by the Growth Hub and the importance of their work.
“Our team of advisors and account managers combine robust relations with the local business community with in-depth knowledge of training, grants, events, and other support provision available. ”
The impact of the GBSLEP Growth Hub 's support is evident through the success stories of businesses such as Tyseley-based Caribbean ready meals business Winny 's Kitchen which featured on Channel 4 's The Money Maker business.
In total, the Growth Hub has provided 38976 hours of business support, with 4055 companies receiving more than 12 hours each.
The combined turnover of supported businesses was £1.5bn, with the companies accessing £7.4m in funding.
Henriette Breukelaar (pictured), chief executive of GBSLEP said: “We are here to help local businesses thrive, create jobs and grow in an inclusive and sustainable way. Our Growth Hub plays a vital role in advising small and medium sized companies, so they get the support they need when they need it. Everyone involved should be very proud of the impact made across our communities. ”
Business support will continue to be funded via the UK Shared Prosperity Fund and delivered through Business Growth West Midlands, run by the West Midlands Combined Authority.
Businesses currently working with the GBSLEP Growth Hub will continue to receive support from their current account managers.
The team is set to transfer to Birmingham City Council this autumn as part of the transition from the Local Enterprise Partnership.