Walsall Council has set up a £100,000 High Street Innovation Fund to launch a new era of commercial enterprise in the town. A number of financial incentives are being put together to support start-ups and develop existing businesses. Existing small businesses looking to relocate into Walsall town centre from both inside and outside of the borough will also be supported.
Landlords with vacant units are being asked to contribute their properties to the scheme in a bid to attract new business to Walsall and boost public and private sector growth.
The Council’s Deputy Leader, Councillor Adrian Andrew, said: “We have been given a chance to create a legacy for economic well-being, providing investors, shoppers and visitors to Walsall with an attractive, busy, successful town centre.”
Optimism is rising as the number of new companies in Walsall had already increased significantly during the first six months of the year, bringing more employment and prosperity to the area, according to Companies House data, gathered and published by Duport.co.uk in their Duport Business Confidence Report. Between January and June 284 companies were formed, a huge rise compared with the 187 formations that took place during the same period in 2011.
Does the council further assist manufacturers and retailers by local procurement of goods and services?
Will the local multiplier effect come into play in Walsall? Will the increased economic activity generate yet more economic activity as money circulates within a network of local businesses?