How West Midlands businesses can benefit from £15m WMCA funding

20 Mar 2024

Published in: Member News

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Hot on the heels of a £15m funding boost for culture and heritage projects in the region, Dave Atkinson, regional director for the West Midlands at Lloyds Bank Commercial Banking, is urging West Midlands businesses to consider diversifying their businesses and seek new avenues to growth.

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News from this month’s budget that the West Midlands Combined Authority (WMCA) will get a £15million funding boost for culture, heritage, and investment projects in the region was widely welcomed. The grant, which will provide £10m to support culture and heritage projects, and a further £5m to drive inward investment, received praise from West Midlands Mayor Andy Street, who predicted that the capital would provide work for nearly 100,000 people.

Prompting a response from the WMCA to double its culture budget to £20m, it seems that the spotlight is shining brightly on the significant economic and social value that the vibrant arts, cultural and heritage scene brings to the region.

The West Midlands is rightly famed for its manufacturing heritage, but we also have one of the richest cultural centres in the country. Hunt’s Spring Budget funding represents another positive step in driving creativity and innovation in this space and suggests that more businesses could look to forge new and creative paths to help them achieve growth and expansion.

And while taking the leap onto a new path to growth can be daunting, at Lloyds Bank, we’ve been actively supporting local businesses which have moved into new and artistic channels for some time.

Take West Midlands manufacturer Birchills Automotive for example. The family-owned automotive manufacturer has been trading in Walsall for over 130 years, fabricating exhaust systems for the car and motorcycle industry when last year, it spotted an opportunity to repurpose metal from its manufacturing process to make bespoke sculptures and decorative items for gardens and homes.

Drawing on its traditional manufacturing expertise, the business’ sustainable project has created a new and successful route to growth, making and selling handcrafted designs from recycled stainless steel which otherwise would have gone to waste. With our funding, the venture is already creating opportunities on the international stage for Birchills, as well as here at home.

Hunt’s Spring Budget also comes at a time when the region’s businesses are keenly looking for opportunities to diversify. February data from Lloyds Bank’s monthly Business Barometer found that 38 per cent of regional businesses are looking to evolve their offering. It seems like an increasingly promising time to explore the potential benefits of our growing regional arts ecosystem.