Sunday, May 19, 2024

East Yorkshire firms get more then £400,000 in levelling up grants

Invest East Yorkshire has awarded more than £400,000 of Levelling Up grant funding to businesses from a broad range of sectors across East Yorkshire.

This grant funding milestone represents a major boost for the local economy and underlines the team’s commitment to supporting small to medium-sized enterprises in East Yorkshire.

Grants of between £1,000 and £50,000 have been awarded to businesses to support a broad range of projects, from external consultancy expertise and marketing support to capital expenditure on machinery and carbon reduction technology. The Levelling Up funding comes from the Government but has been allocated by Invest East Yorkshire’s Business Support Services team, which is part of East Riding of Yorkshire Council.

During the same 12-month period, the team handled more than 1,000 enquiries and provided support to 700 different businesses. In addition to allocating £400,000 in Levelling Up funding, a further 45 grants have been provided to businesses through the UK Shared Prosperity Fund and Rural Economy Productivity Fund since June 2023.

Tim Watson, MD of Brough-based The Word Agency, one of the businesses to have benefited from a Levelling Up grant, said: The support from the Business Support Services team has been invaluable. As a growing business, we spotted an opportunity to enhance our service to our customers but taking that step required significant financial investment that would not have been possible without the funding we have received. Thanks to the support we have received we have been able to invest in technology that has made the business more efficient and allowed us to develop new products and services we know are in demand. This funding has helped us move faster and ensure the business continues to grow.”

Councillor Anne Handley, Leader of East Riding of Yorkshire Council said: “The Business Support Services team offers a wide range of services that help support our local business community. These grants are having such a positive impact in supporting the growth of our economy. I would encourage any local business owners and entrepreneurs to make contact to discover what’s on offer.”

The grants provided by Invest East Yorkshire are aimed at supporting growth and innovation among East Yorkshire’s businesses, which means that they can’t be used to pay for everyday operational expenses. However the scheme does cover capital expenditure, with grants of up to £10,000 available for fixed assets, £5,000 for movable assets and carbon reduction grants of up to £20,000 on offer to businesses looking to reduce their carbon footprint. To support larger-scale projects capable of delivering significant economic impacts, such as the creation of multiple jobs, the use of local supply chains or those that boost the visitor economy, grants of up to £50,000 are available.

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