A Walsall Council programme that has drawn in millions of pounds in external funding to support economic growth and job creation is to be extended into 2023.
Since 2012 the Inclusive Economic Growth Programme (IEGP) has consistently exceeded its targets as a report to Cabinet illustrates.
Over the course of the programme, a plan to attract £20 million in external funding to support businesses and assist jobseekers into gainful employment, training or apprenticeships is likely to result in around £27 million and a public/private sector inward investment challenge of £700 million is now set to exceed £720 million.
The success of the programme has had the effect of not only creating or safeguarding jobs but generating valuable income for the council in additional Council Tax / Business Rate income.
Speaking about the programme, Deputy Leader of Walsall Council, Cllr Adrian Andrew said:
In 2012 we took the decision to bring together previously approved funding streams into one cohesive budget, so that these funds could be fully utilised and targeted to stimulate economic growth; ultimately creating more jobs and opportunities for local people. The results have exceeded our expectations and demonstrated that, even in the most challenging times, it is possible to attract funding that enables us to build a brighter future for our residents and businesses across the borough.
The extension will mean, amongst other things, the continuation of the valuable work of Walsall Impact and the Community Grants Scheme.