New access to finance action plan aims to simplify funding routes and create thousands of jobs across the region

West Midlands Mayor Richard Parker has launched a new Access to Finance Action Plan designed to give businesses simpler routes to the financial support they need to grow and create jobs.

Speaking at the Business Growth Service Roadshow in Birmingham on Thursday, Parker warned that the region was missing out on millions in private sector investment, with many businesses unsure where to turn for finance or how to make an effective pitch to funders.

The Mayor said: “I know from the businesses I visit every day that many share my impatience for growth, which must be our number one priority.

“The biggest risk isn’t investing in growth, it’s standing still. My Access to Finance Action Plan will take our innovators, entrepreneurs and hardworking business owners to the next level.”

Backing for spinouts and scale-ups

The plan will be delivered through a revamped Business Growth West Midlands, with a dedicated Business Growth Capital team connecting high-growth companies with angel investors, private equity and corporate finance.

To kick off the plan, the West Midlands Combined Authority has approved a £2m investment into Midlands Mindforge, an equity investment company supporting university spinouts and science and technology businesses across the Midlands.

Steve Rigby, CEO of Rigby Group and chair of the task and finish group that developed the plan, said: “The goal is to ensure our region offers the best support for home grown companies to achieve their aspirations.

“We have created a strategy to expand the availability of all types of equity and finance.”