Supporting Coventry businesses to grow and expand
In 2024, the number of businesses in Coventry fell slightly by 365, bringing the total to 9,970 enterprises. Most of these are small businesses. However, Coventry has a lower rate of small businesses compared to other areas:
- 345 businesses per 10,000 adults in Coventry
- 391 across the West Midlands Metropolitan area
- 528 in Warwickshire
- 503 across England
This drop reflects ongoing business challenges, including high operating and borrowing costs, increased taxes from April 2025, and weaker consumer demand due to the cost-of-living crisis. These pressures are also limiting business investment. Coventry businesses have shown strong and growing demand for support services throughout 2024 to 2025.
Supported through the UK Shared Prosperity Fund, the Business Growth West Midlands has delivered:
- Account Management to help businesses overcome growth barriers
- tailored support on decarbonisation and energy efficiency
- help for start-ups, social enterprises, and investment readiness from specialist partners
Business Support outcomes
- 480 businesses received in-depth support in 2023 to 2024, rising to 561 in 2024 to 2025
- 151 businesses received energy efficiency audits
- £2.39m in capital grants awarded to 150 businesses, which unlocked £3.42 million in business investment for growth and net zero projects
Impacts on the Local Economy (2024 to 2025)
- 93 businesses reported increased productivity (more expected as benefits continue)
- 53 firms launched new products and/or services
- 40 firms introduced new business processes
- 32 businesses entered new markets (expected to grow over time)
- 88 new jobs created, and 39 jobs safeguarded
This integrated approach, combining financial and expert support, is delivering meaningful results for both Coventry’s businesses and its wider economy.
Supporting the creative and cultural sectors
To help local innovative businesses grow using creative and immersive technologies, we’ve partnered with Warwickshire County Council, Innovate UK, and CWX (Cluster Lead Body) to award £3 million in funding to 33 projects across Coventry & Warwickshire.
More projects are expected to receive funding in the first half of 2025, following the latest round of applications which closed in December 2024.
