At their latest meeting West Yorkshire Combined Authority members approved £3.6m for the fund from the 201617 Leeds City Region Growth Deal allocation.
This is in addition to the £1.4m recommended by the Combined Authority’s Investment Committee in January.
Managed by the Leeds City Region LEP, the fund is now open to businesses in the region with grants of between £5,000 and £100,000 available.
West Yorkshire Combined Authority chair and leader of Wakefield Council Peter Box said: “Although my own district was not hit particularly hard by the December floods and subsequent storms, I know how devastating it has been for many small and medium businesses and the knock-on effect for those companies that are suppliers or customers of those flood-hit firms.
“I am glad the Combined Authority has been able to step in with this £5m but with the total long-term impact of the recent floods on the City Region economy estimated to be as high as £365m, this is only scratching the surface.
“We need long term solutions, which is why a commitment and funding for flood prevention measures are among our devolution requests from government.”
Application forms and further information about the support available to flood affected businesses can be found at www.the-lep.comfloodsupport or by calling the LEP’s business growth helpline on 0113 348 1818.