Wolverhampton firms find finance through LEP forums

Date added: 07 December 2011

More than 20 Wolverhampton businesses have been offered information on access to finance as part of a successful new initiative launched by the Local Enterprise Partnership (LEP).

Almost 100 companies throughout the Black Country have been helped in total.

The Black Country LEP has been running the Open Access to Finance forums in recent months and has so far visited Dudley, Wolverhampton and Walsall.

As a result of the three events, a total of 99 small firms in the area have received advice on accessing finance to support their business. The first event in Dudley in September attracted 44 local businesses while a further 21 companies received support at the event in Wolverhampton during October.

And earlier this month, 34 Black Country firms turned out at the Walsall event to get direct access to financial organisations exhibiting at the event. A visit to Sandwell is now being planned for early in the New Year.  

Paul Kalinauckas, chief executive of the Black Country Reinvestment Society, which organises the events, said, "We have set up a working group in which financial institutions operating in the Black Country can assess current credit conditions and provision of capital to local businesses. Its purpose is to provide a comprehensive picture of what financial products are available in the Black Country and inform companies what they can realistically access. By running the Open Access to Finance forums we have created the opportunity for local businesses to meet financiers face to face for informal discussions."

Financial bodies exhibiting and offering support at the events have included commercial banks, corporate financiers, law firms, business and financial advisors, small business loan funds, accountants and business schools.

"These free to attend events have proven very successful and we have had very positive feedback from businesses that have attended,” said LEP chair Stewart Towe. "We are pleased that around 100 local firms have taken the opportunity to receive this support but we would urge others to get involved at future events. The forums give businesses a chance to access financial organisations and make contacts that we hope will lead to companies boosting their finances."