The Government has confirmed that selected Wyre Forest wards will be included on the Assisted Areas Map which is expected to be approved by the European Commission later this year.
Aggborough and Spennells, Blakedown and Chaddesley, and Oldington and Foley Park are included on the Assisted Areas Map which means businesses in these locations can be granted additional financial support without being counted as State aid.
Assisted Area status allows the granting of additional financial support to organisations in less economically advantaged locations. The intention is that this support primarily encourages business growth, which can positively affect these locations and the whole UK economy. Assisted Area status offers eligibility for regional aid, but does not in itself guarantee any funding. Regional aid is one of many forms of state aid used by the Government to support UK businesses, and all other forms of financial support can be granted both inside and outside of Assisted Areas.
Mike Parker, Director of Prosperity and Place for Wyre Forest District Council said,
“It is welcome news that parts of Wyre Forest will be on the assisted areas map for the first time in terms of potential eligibility for financial assistance from regional aid. Council members and officers have worked together in pressing for this outcome and we are pleased that our lobbying work has borne fruit. It will add to the district’s efforts to support business growth by incentivising investment in, for example, the South Kidderminster Enterprise Park which includes the Silverwoods site, one of the major redevelopments that forms part of the ReWyre regeneration initiative.”
Further information on the 2014-2020 Assisted Areas Map also available via: https://www.gov.uk/government/consultations/assisted-areas-map-2014-to-2020-stage-2
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