The Marches Growth Hub said funding is available to drive growth and create jobs.
The hub has launched the Growth Challenge and is now urging companies and entrepreneurs across Shropshire, Telford and Wrekin and Herefordshire to bid for a share of it.
Paul Hinkins, Marches Growth Hub chairman, said the funding – and specialist support and advice which comes with it – could provide a massive wealth dividend for the region if it was all taken up.
“The Marches has a rich heritage of business success and a thriving economy – and with the help of this funding we can make it even better,” he said.
“This support, which includes both grants and loans, can act as a real catalyst to help launch businesses, kick-start growth, create jobs and boost the economy for all our communities.
“The Marches Local Enterprise Partnership has set some ambitious targets for the region’s growth over the next 20 years and we want to use this funding to help business to innovate into new sectors, drive up skills, boost wealth and create one of the best places to live anywhere in the UK.
“That is why we are today challenging businesses across our region to take up our offer, get in touch and see how we can help them grow and prosper.”
Mr Hinkins said there was a wide range of schemes under which businesses could receive support and it could sometimes be daunting for a company to know where to start.
“Fortunately our expert teams at our hubs in Hereford, Shrewsbury and Telford can help guide them through the funding maze and ensure they get exactly the help which is best suited to them.”
The funding comes from the EU’s European Regional Development Fund and the Government-backed Midlands Engine Investment Fund and includes schemes such as the Business Growth Programme 2, Marches Building Investment Grant, the Business Energy Efficiency Programme and Midlands Engine Investment Fund.
Councillor Steve Charmley, Shropshire Council’s cabinet member for assets, economic growth and regeneration, said: “The key to Shropshire’s success is the strength of its local economy. This is a fantastic opportunity for businesses to bid for money and support, enabling them to grow and employ more local people.”
Councillor Lee Carter, Telford & Wrekin Council’s cabinet member for the borough economy, said: “We are proud to be a business winning and business supporting council and our close involvement in the Marches Local Enterprise Partnership is a prime example of that.
“I would encourage businesses of all sizes to try to take advantage of the support that is available to them, including this £10m pot of business funding.”
More details about the Marches Growth Hub and the range of business funding schemes and projects available across the Marches can be found at marchesgrowthhub.co.uk