Member Article

Time "running out" for £30 million Humber Regional Growth Fund

Time and money are running out for businesses to take advantage of the Growing the Humber Regional Growth Fund Programme.

However, SMEs and larger businesses still have time to apply for a grant to support their business growth project.

The programme which has already hit its jobs target through the 50 projects it has in contract, are projected to create more than 1500 jobs, still has room for more expressions of interest for the next deadline of April 4.

There will only be one further deadline for expressions of interest of April 30.

The £30m fund has already supported SMEs including Kwiktuf in Hull, Martin Williams in the East Riding and Red Herring Games in North East Lincolnshire.

It has also supported larger businesses to invest in the region including DONG Energy which is using the fund to help with its investment in the Port of Grimsby and the Royal Dock in North East Lincolnshire, laser company Rofin Sinar to expand and develop new technology and logistics company Neill and Brown to invest £2.5m in an expansion scheme.

The Humber programme, launched by Business and Enterprise Minister Michael Fallon in February 2013, has helped to bring some stalled capital projects to life, and as confidence to invest has increased, so have the expressions of interest and applications to the fund.

One year on and hundreds of businesses have expressed an interest and we have supported 140 companies to make a full application for grants ranging from £20k to £2.5m to help local businesses to grow and invest in a base in the area.

David Kilburn, Chair of the Humber LEP’s Investment Board, said: “It’s gratifying to see the projects get underway. We have met regularly to assess projects looking for those that can quickly deliver tangible economic outcomes, through providing additional investment.

“There is still some money to bid for and I would urge businesses who think they have a project that could be supported by the fund to get in touch with the LEP.”

This was posted in Bdaily's Members' News section by Clare Burnett .