Funding launched to boost business productivity in Leeds City Region

Funding launched to boost business productivity in Leeds City Region
Credit: Shutterstock.com/ Becky Stares

The second round of funding aimed at boosting productivity for businesses in the Leeds City Region has been launched by the LEP.

Working in partnership with the West Yorkshire Combined Authority, the Business Productivity Pilot will award grants to businesses that best demonstrate how capital investment will lead to measurable productivity improvements to their business.

Grants can contribute to capital investment in machinery, equipment and the fit-out of premises.

Research by the Combined Authority highlights that if businesses can close the gap between the region’s productivity rate and the national average, £11 billion could be added to the regional economy.

Businesses have until 31 January 2020 to apply for grants between £25,000 and £100,000. Applications will be assessed by a panel of experts from the private and public sector, and the decision on which applications are approved will be announced 28 February 2020.

“The pilot will help the LEP and wider City Region to capture practical learning to inform future activities and be at the forefront of developing evidence-led interventions on productivity that can be used to inform national policy decisions,” said Cllr Susan Hinchcliffe, Chair of the Combined Authority and Leader of Bradford Council.

“Strengthening the region’s economy will, in turn, create a significant lift to the national economy and drive good growth.”

Roger Marsh, Chair of Leeds City Region LEP, added: “The pilot will allow the LEP to better meet the needs of businesses in the current economic climate and I’d encourage all businesses to get in touch with the LEP, and find out about the support available to improve productivity.”