Posted on August 28, 2018Category: News Tags: Humber LEP, Yorkshire Post
The Humber LEP is committed to driving the growth of the Humber economy, for the benefit of its communities. Businesses of all sizes in the region contribute to this growth.
To support business grow and develop, the LEP provides access to funding and support through a number of vehicles; through the Humber Growth Hub, a number of tranches of funding and loan options available to different enterprises and access to our network of partners.
This package of support is allowing entrepreneurs, SMEs and larger businesses to reach their potential and access key investment opportunities, advice and guidance that impact positively on their performance.
Words by Lord Haskins, Chair of the Humber Local Enterprise Partnership (LEP)
At a time when it’s easy to ‘think big’ in terms of £multi-million infrastructure investments in road, flood defence and housing schemes, it’s important that we don’t lose sight of the impact that more modest funding opportunities can have on smaller and medium sized businesses that are the lifeblood of the Humber.
An important part of the LEP’s work is to provide SME businesses with advice and support including financial assistance to help them to grow.
Just earlier this month we allocated another£240,000 grant funding to small and medium sized businesses across the Humber to support them in making capital investments that will lead to growth and job creation.
The funding was from the LEP’s Growing the Humber grant scheme, a business investment programme for SMEs that builds on successful delivery of a £30m Regional Growth Fund programme and has now been extended twice with a total £12m of Local Growth Fund .secured by the Humber LEP from central government.
Grants of £5,000 through to £500,000 are available to support capital investments in equipment, machinery and altering/refurbishing premises to accommodate expansion.
SECUREMedia Ltd is one of the businesses that was awarded a grant earlier this month. The Hull-based business has secured almost £50,000 to help them increase manufacturing production space by extending the existing building and investing in additional equipment.
This will lead to further business growth and the creation of 4 new jobs. Director Mark Sneddon has acknowledged that “the support from the Humber Local Enterprise Partnership is greatly appreciated.”
Another successful Hull-based business, Hallmark Panels, applied for a grant of £81,000 to help them relocate powder coating and pre-treatment machinery to a building next to their manufacturing building to accommodate significant expansion and roll-out of newly developed products. Six new jobs will be created at the business when the investment is complete.
Previous grant awards have supported a range of different businesses, from helping them to purchase an extra piece of machinery to increase capacity and investments in new equipment that enable businesses to diversify and satisfy evolving customer demands.
The ongoing successful distribution of these funds is overseen by our Private sector Investment Panel. Each panel member volunteers around 1-2 days of their time a month to review and make decisions on grant and loan applications from businesses in the Humber.
The Investment Panel contributes a range of expertise to the decision making process. Along with business management and accounting experience, members have knowledge of commercial law, banking, and property and are able to employ these perspectives in coming to a decision.
They understand the challenges faced by business and try to be flexible, but fair in their approach. So far, the Investment Panel has awarded around £28m in grants and £8.6m in loans to projects which are expected to create around 5,000 jobs across both sides of the Humber.
As well as approving grant awards, the Investment panel also makes recommendations to the LEP Board to approve business loans to provide finance to businesses to facilitate stalled infrastructure projects. This in turn benefits smaller businesses where viable and affordable commercial space can be created as a result.
Loans, normally of between £100k and £1m, are offered to de-risk projects and tackle site constraints in order to open up land and sites for further development. Further loan funding is still available for good quality projects in need of a flexible finance option.
The Humber has a dynamic and exciting economy of businesses, large and small. Distributing small amounts of funding can be a very effective and a very tangible way of supporting local businesses -giving them the boost they need to make a step change.
We at the LEP are committed to giving all businesses in our region the best chance of success, and providing different means of support to the region.
To find out more about the Humber LEP and its funding programmes call 01482 485260 or visit www.humberlep.org
In addition to the financial assistance we also offer business advice and support further information is available at the Humber Growth Hub visit http://hub.humberlep.org/