A £2MILLION support package using unspent Commonwealth Games cash will help level up some of the region’s most disadvantaged neighbourhoods.
The funding is the first phase of the West Midlands Combined Authority’s (WMCA) plan to double the size of the region’s social economy by supporting community-focused businesses which have the goal of improving the lives of local people and creating new jobs.
Delivering on a key recommendation from the Social Economy Taskforce, the WMCA will use funds from the Commonwealth Games Legacy Enhancement Fund to invest in the social economy – a collective term for social enterprises, co-operatives, community-owned and employee-owned businesses set up to generate income to address social and environmental issues.
In the West Midlands, it employs more than 120,000 people across 8,000 organisations and is worth £3.5billion a year to the wider economy.
The Commonwealth Games legacy funding will pay for business development experts to work with leaders to further develop the skills and confidence they need to grow their businesses and to widen their impact.
Seed funding will also be provided to ‘clusters’ of social businesses in each of the WMCA’s seven constituent council areas to support them to develop plans that identify specific projects to improve the local area and be used as a basis to bring in further investment.
Andy Street, Mayor of the West Midlands and WMCA chair, said: “Our region’s social economy is a relatively unknown but thriving sector made up of a diverse range of enterprises that collectively make a remarkable contribution to society.
“The work of the Social Economy Taskforce has made clear that – with the right support – we can double the size of that social economy.
“Together, we can help put more money back into the hands of local people – creating jobs and supporting services that are delivered for them and by them.”
He added he had seen first hand – during his time at John Lewis – that ‘business done right could be a tremendous force for good’ and he added he hoped the social economy centre could go from strength to strength in the months and years ahead.
Following discussions with the Mayor and the WMCA, the UK Government agreed to invest the £70million underspend back into the region to enhance the legacy of the Commonwealth Games and ensure the benefits continue their positive impact for years to come.
More funding announcements will be made over the coming weeks and months.
People wanting to apply to the legacy fund should email [email protected] for more.
