New grant scheme to provide boost to Market Drayton businesses
A new grant scheme worth almost £500,000 has been launched in a bid to boost businesses in a market town.
The scheme, of up to £450,000, has been launched to support the growth of new and existing businesses in Market Drayton and also in the hope of attracting new companies to the area.
The Market Drayton Business Grant Scheme is funded by Shropshire Council and will be delivered by the Marches Growth Hub.
Discretionary, match funded grants are available to eligible businesses for projects which will focus on creating new jobs, increasing turnover, and bringing investment to the town.
Councillor Roger Hughes, who is behind the project, said: “The Market Drayton Business Grant Scheme will support the growth and expansion plans of existing businesses, whilst also assisting start-up businesses through capital investment.
“The grant can also be used as an incentive for small and medium-sized enterprises moving into the area whilst supporting our economic growth priorities to drive investment and job creation in Market Drayton complementing existing grant schemes that are currently available through EU funding.
“The flexibility of this scheme means we can address some of the existing gaps in funding for certain sectors which fall outside of the eligibility criteria for funding from the European Regional Development Fund.
"There could be the potential to fund items such as investments in IT and vehicles, which might not meet the remit for EU funding.”
The town is home to some of the region's top employers including Muller and Palethorpes Bakery.
It also has a growing business park at Tern Valley Business Park.
However the town centre has struggled in recent years with the closure of stores such as Sports Direct and recently long-standing Craft Revolution.
The town’s chamber of trade and commerce had supported businesses set up in the area but closed in 2015 after a three-month period when bosses called on volunteers to take on the group, which had about 35 members.
Earlier this year business owners in Market Drayton said the future looked bleak as they were hit by hikes in business rates.
It followed a radical review of rates for the first time in seven years bringing them in line with property values.
This meant big rises for some firms in the town.
For more information or to check eligibility and apply for a grant, contact the Marches Growth Hub, Shropshire on 01743 250525 or email marchesgrowthhub@shropshrie.gov.uk or nicola.fisher@shropshire.gov.uk
