In a significant boost for the local economy, Invest East Yorkshire’s Business Support Services has approved over £400,000 in Levelling Up grant funding since April 2023, underscoring its commitment to the growth and diversification of businesses within the East Riding of Yorkshire.
This initiative marks a pivotal step in supporting small to medium-sized enterprises, with provisions made to accommodate larger businesses demonstrating economic need and benefit.
Grants ranging from £1,000 to £50,000 cover a broad spectrum of project costs, including external consultancy, marketing, software licenses, and more, aimed at propelling business growth and innovation. However, it’s noted that everyday operational expenses are not eligible under this scheme.
Moreover, the scheme extends to capital expenditure, offering up to £10,000 for fixed assets and £5,000 for movable assets, alongside substantial carbon reduction grants of up to £20,000, incentivizing businesses towards sustainable practices. Larger scale projects, with significant economic impacts such as multiple job creation, use of local supply chains and improvement of visitor economy can avail of grants of up to £50,000.
Invest East Yorkshire’s comprehensive support structure, backed by knowledgeable advisors, offers a free diagnostic process to help businesses identify support and development opportunities. The range of services includes one-to-one advice, workshops, networking opportunities, and access to a rich repository of resources and referrals, demonstrating the team’s holistic approach to business support.
Councillor Handley, Leader of the Council said “The Business Support Services Team offer 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 team’s impact is notable, with over 1,000 enquiries handled, 700 businesses supported, and 40 new businesses registered in the county, reflecting a vibrant entrepreneurial ecosystem. Additionally, 45 grants have been approved through the UK Shared Prosperity Fund and Rural Economy Productivity Fund since June 2023, with a potential additional £220,000 in funding on the horizon.
Tim Watson, Managing Director of The Word Agency: “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.”
The Business Support Services team’s commitment to the community and the environment is further highlighted by their role in facilitating projects that benefit the wider economy and assisting businesses in developing decarbonisation plans.
With a track record of success and a robust support system, Invest East Yorkshire Business Support Services remains a cornerstone for business innovation and growth in the region.
For more information on their services and how they can support your business, visit:
Invest East Yorkshire, Business Support Services is part of East Riding of Yorkshire Council, championing economic development and prosperity in the region.
