£5mil 'Bank of Mo' launches to save Staffordshire businesses and boost jobs

A top businessman from Stoke-on-Trent is launching a £5 million fund to support local businesses and stimulate job creation in one of the most deprived areas of the UK.

MOmentum Capital will invest up to £250,000 to 20 Staffordshire-wide companies, including start-ups and established ventures. This scheme is backed by Staffordshire Chambers of Commerce, providing mentorship opportunities for participating businesses.

Mo said: "Stoke-on-Trent is a city with a proud industrial heritage and the place where a true hero of mine, Josiah Wedgwood, built his pottery empire. He didn’t just create a world-class business; he lobbied government, invested in infrastructure like the Trent and Mersey Canal, and helped put this city on the global map."

"Decades of underinvestment and limited access to funding have held Stoke back. Entrepreneurs don’t need to leave Stoke-on-Trent to succeed." - Mo

Chaudry, who grew up as a Pakistani immigrant in the area and found success in the financial services and fitness industries, compares his venture to Dave Fishwick’s Bank of Dave and hopes it will redefine local entrepreneurship. He emphasises that providing startups with capital and support, alongside chamber advice, is essential for growth which banks and venture funds have been reluctant to offer.

Reflecting on his personal journey and motivations, Mo Chaudry shared how his late father’s business struggles inspired him to launch the fund, providing essential support his father lacked:

"My father tried to run his own businesses twice and failed - not through lack of hard work, but because he lacked financial understanding, mentoring, and the much-needed funding."

"As an immigrant who couldn’t speak English when I arrived in the UK, I understand the hurdles many face, and I want to pave the way for others to overcome them." - Mo

The initiative is expected to support around 20 businesses, creating approximately 200 jobs over five years, with plans to extend its impact over 25 years to create as many as 6,000 jobs.

Chris Plant, Interim Chief Executive of Staffordshire Chamber of Commerce, remarked on the project’s potential, stating it aligns with the chamber’s mission to provide ambitious entrepreneurs with real opportunities and remove barriers to growth.

Application submissions are open starting 4th February, and close on 30th March. Shortlisted candidates will have a chance to pitch their ideas to Mo Chaudry and his team in a Dragons’ Den-style setting.

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