Bury businesses are being urged to take advantage of a new fund to help organisations in the "everyday economy" as firms struggle with rising costs.

Launched by Greater Manchester Combined Authority (GMCA), The Foundational Economy Innovation Fund provides grants for projects that trial innovative new ideas and ways of working.

Businesses and organisations are asked to come forward as part of an initial expression of interest phase, which will aim to develop networks and "match" potential applicants with relevant partners.

Cllr Bev Craig, leader of Manchester City Council and GMCA portfolio lead for economy and business, said: “Greater Manchester’s everyday economy provides the goods and service we all need to get by.

"But businesses and organisations within these sectors struggle to raise investment from the private sector, limiting their ability to innovate and evolve.

“The Foundational Economy Innovation Fund is there to remedy that.

"In doing so, we want to shift perceptions and give the businesses and organisations in this vital part of our economy the recognition they deserve. 

“The fund is there to complement the support available to businesses during this difficult time.

"By supporting innovation around the challenges these sectors are facing, like rising energy costs and a shortage of workers, we can help businesses become more resilient to challenges in the future."

The hopes for the funding are that parts of the economy that people typically depend on for their daily needs can become more resilient, and profitable and improve job quality.

Some of these services include adult social care, early education, childcare, retail, and leisure and hospitality, across the private, public and voluntary sectors.

The projects should address one or more areas of opportunity where new ideas could make an impact in helping businesses transition to net zero or reduce their energy costs, localising supply chains, developing new ways of working and adopting new technologies, or improving the way key services are delivered.

If successful, the projects could be scaled up to support other businesses across Greater Manchester.

During the first phase, the fund will provide initial grants of up to £10,000 to businesses and organisations to develop their ideas and trial innovative ways of working.

A second stage will provide 10 of those projects with £60,000 to further develop their ideas, with all funding recipients also joining a new innovation community which will offer support and advice to give projects the best chance to succeed.

Lou Cordwell, chair of Greater Manchester Local Enterprise Partnership (GM LEP), said: “We’re proud to support the launch of the Foundational Economy Innovation Fund, which offers small grants for projects and ideas that could have a massive impact.

“We all depend on the foundational economy for our daily needs, and a significant proportion of the population in Greater Manchester are employed within it.

"By backing businesses and people in these sectors we are recognising the true value of the work they do, while also having a potentially transformational impact on the working lives of thousands of people.

“If you’ve got an idea about how to improve your business or the sector you work in, get in touch to find out more.”

For more information visit the Foundational Economy Innovation Fund web page.

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