Council awarded £2.3 million through growth scheme
Released: 9 March 2007
Wolverhampton City Council has been awarded £2.3 million of funding from the Government for encouraging business growth.
The funds have been allocated through the Local Authority Business Growth Incentive (LABGI) scheme and will be invested in a range of core economic development and regeneration services.
Some of the funding will also be used to establish and fund the Urban Regeneration Company which will be a key force for economic regeneration activity within the city as well as offering direct support to businesses.
Councillor Peter Bilson, Cabinet Member for Regeneration and Enterprise, welcomed the announcement.
He said: “This award is particularly welcome and signifies how much new economic growth has taken place across the city.
“The local authority has a key role to play in supporting business start-up and growth. We are committed to ensuring that Wolverhampton will continue to develop and regenerate.”
The LABGI delivers financial rewards directly to local authorities that promote the greatest levels of continued economic growth in their local areas by allowing them to retain a share of the increase in revenue derived from business rates.
The initiative encourages local authorities to build partnerships with local businesses and promote long-term economic sustainability in their areas.
This is the second year of the three year scheme which expects to see up to £1 billion allocated to local authorities across England by 2007/08.
Wolverhampton City Council’s grant for this year is a significant increase on the £1 million awarded last year and authorities nationally have received more than two and a half times the £126 million of grant paid in the first year of the initiative.
Issued by the press office.
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