Leeds City Region has now announced its Business Growth Programme, aimed at supporting investment projects in the area.
The Business Growth Programme fund will provide grants of between £10,000 and £1 Million for businesses looking to grow and create employment.
Only businesses with a minimum of 12 months trading history can apply and application routes are split between:
- Smaller projects (asking for £10,000-100,000) – with a quick decision turnaround.
- More substantial projects (asking for grants between £100,000-£1,000,000) with the level of assessment increasing in relation to the amount asked for and decisions based upon 30 days.
Alongside the application form, applicants need to show how the project fits with their business plan and submit a project delivery plan as well as accounts.
The Business Growth Programme fund is open to all sectors and is intended to support capital investment as well as R&D projects. Anticipated grant contribution will be something in the region of between 10-30% of costs, depending on the project. Broad calculations will be based upon £10,000 per new job created.
Key criteria will be:
- Demonstrating sustainable growth and employment that do not lead to displacement of jobs elsewhere
- Evidencing the financial gap for the investment and how the grant will make the difference in going ahead
- Showing value for money in terms of private sector leverage but also wider impacts in the supply chain and locality as well as the quality of jobs and growth
- Being state aid compliant
Soapstone has extensive experience in supporting previous Leeds City Region programme bids. For an initial chat about your investment project, contact Rob Littlefair on 07901 920819 r.littlefair@soapstone-associates.co.uk