River Aire waterfront in Leeds
The West Yorkshire Combined Authority’s Investment Committee has agreed to pump £9m into helping businesses in the region to grow, innovate and boost productivity.
Businesses across the Leeds City Region will benefit from this investment as part of an overall £1bn-plus Growth Deal with Government to accelerate growth and job creation.
This investment targets the priority sectors of manufacturing, low carbon and environmental, financial and business services, digital and creative and health and life sciences.
The funding agreed today is on top of an existing £18m investment pot that will lead to the creation of over 4,000 jobs in the region.
This new round of finance aims to strengthen innovation among the region’s firms and support more businesses to reach their growth ambitions.
Grants of between £10,000 and £250,000 will be available to businesses across Barnsley, Bradford, Calderdale, Craven, Harrogate, Kirklees, Wakefield, Selby and York and Leeds.
Cllr Susan Hinchcliffe, chair of the West Yorkshire Combined Authority’s Investment Committee, said: “I am delighted this additional funding has been agreed that will boost growth, innovation and productivity across our region.
“We have so many innovative companies in our region making a significant contribution to prosperity and job creation. This new funding will boost the innovation capacity of our businesses yet further, supporting local partners’ ambition of making Leeds City Region the best place in the UK to innovate and grow your business.”
Roger Marsh OBE, chair of the Leeds City Region Enterprise Partnership (LEP) and Combined Authority Board Member said, “This is great news for the region, its businesses and the economy. Supporting growing businesses is at the heart of the LEP and West Yorkshire Combined Authority’s work to transform the Leeds City Region economy and this funding will help us to build on the work already underway to create jobs, develop skills and drive productivity.”
A total of 460 businesses have been awarded grants so far as part of an overall £41m investment into businesses in the region. The West Yorkshire Combined Authority Board are set to approve this new funding at their meeting on 29 June.
Among the businesses benefitting from recent investment is Eric Richmond Ltd, an Ossett-based pie manufacturer that has received over £32,000 in grant funding to help his business to grow.
Tom Martin, owner of the business said: “The grant I received has allowed me to upgrade machinery and adapt the factory for greater efficiency. As a result I have been able to take on two new apprentices and created three new jobs for local people.”
Brewology, the Holbeck-based manufacturer of cask filling and cleaning systems for the brewing industry benefitted from a grant to invest in hi-tech new machinery and production capacity.
Chairman and founding director David Midgley said: “We wanted to take advantage of the continuing boom in UK craft breweries and received a grant of £17,763 to buy new machinery. As a result, capacity has increased by 30% and we have employed two new members of staff.”
If you’re based in Leeds City Region and you want to grow your business, please get in touch. Call the LEP Growth Service on 0113 348 1818 or email email@example.com.