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£5m Fund to Ignite Local Businesses
4 Feb
Summary
- Entrepreneur Mo Chaudry invests £5m of personal funds.
- Scheme aims to create jobs and boost Stoke-on-Trent's prosperity.
- Up to £250,000 available for each selected business.
Entrepreneur Mo Chaudry is launching a significant investment competition, personally funding it with £5m to bolster local businesses in Stoke-on-Trent.
Chaudry, a long-term resident and former owner of Waterworld, aims to create jobs and enhance the city's economic future. His initiative is inspired by the industrial heritage of Stoke-on-Trent and figures like Josiah Wedgwood.
Businesses can receive up to £250,000 from Chaudry's organization, Momentum Capital. This funding is available to ventures at various stages, from start-ups to mature companies.
The scheme, supported by Staffordshire Chambers of Commerce, opens for applications on Wednesday, with a closing date of 30 March. Successful applicants will pitch their ideas and receive mentorship.
Over the initial five years, the fund is projected to support approximately 20 companies, potentially creating around 200 jobs. Chaudry expressed his desire to build aspirations and prove that success is attainable within Stoke-on-Trent.
