Leeds City Region LEP welcomes further �5.7m of funding for its business support programme
The Government has announced today that Leeds City Region LEP has been successful in securing a further £5.7million from the Regional Growth Fund round 4 pending final assessment. This is on top of the £20million secured from the previous round which the LEP launched to the business community in February as part of its Business Growth Programme.
Roger Marsh, Chair of the Leeds City Region LEP explains:
“This is fantastic news on a further allocation of funding from the Regional Growth Fund and we are delighted to report a great demand from businesses for our existing £20 million Business Growth Programme.”
“We have received hundreds of enquiries and have allocated £4.1million already to 46 businesses across the city region, supporting the creation of more than 400 jobs and a further £5 million is expected to be allocated to new projects by the autumn.”
“This is about making a conscious effort to offer targeted support where it is needed. More than 95% of allocated funds from this programme have actually gone to SMEs, showing there is a huge unmet demand for funding business expansion projects across the city region.”
“We know that having access to the right kind of finance is critical to businesses and we are constantly looking for the best ways to support the growth of our key sectors and the economy.”
Mick Shaddock, Managing Director of Victor Manufacturing Limited in Bradford explains:
“We were advised of the ‘Business Growth Programme’ by the Manufacturing Advisory Service (MAS), when they heard that we were considering capital investment in two new press brake machines.”
“The application process was straightforward and we received a speedy, and positive, response to our grant request. The grant we received enabled the investment to go ahead, and the two new machines will make a significant contribution to our planned growth.”
Lorraine Couch of C&C Hydraulics Ltd in Keighley adds:
“The Business Growth Programme has had a really positive effect on our business, the application form was comparatively painless and therefore we would encourage other businesses to submit an application.”
“We have already received funding for one project and intend to submit a further application. Knowing this funding is available has facilitated our plans for further investments.”
This is a great opportunity to apply for funding to support investment in land, buildings, plant, machinery and equipment, and research and development. In this phase expressions of interest are particularly welcome from key sectors, including manufacturing, life sciences and related industries, digital and creative industries, low carbon and environmental industries.
There is no set deadline for applications – businesses can apply at any time while funds are available – however interested companies are advised to move quickly, as the funding is finite.
The Government's Regional Growth Fund (RGF) is a £3.2 billion fund operating across England from 2011 to 2017. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment. For further information please visit www.gov.uk/understanding-the-regional-growth-fund.