Combined authority confirm £5m fund for flood-affected SMEs in Leeds City Region

It has now been confirmed that the total funding from West Yorkshire Combined Authority to help small and medium sized enterprises (SMEs) across Leeds City Region recover from the effects of recent flooding will be £5m.

During a meeting on Friday (Feb 5th), West Yorkshire Combined Authority members approved £3.6m for the Business Flood Recovery Fund from the 2016/17 Leeds City Region Growth Deal allocation.

This is in addition to the £1.4m recommended by the Combined Authority’s Investment Committee in January.

The members also agreed to investigate ways the Fund can be used to support firms not directly hit by the flooding but suffering due to being part of the supply chain of companies that have been affected.

Managed by the Leeds City Region Enterprise Partnership (LEP), the Business Flood Recovery Fund is now open to businesses in the region, with grants of between £5k and £100k available.

Funding is aimed at supporting businesses with critical capital investment requirements, which may include the cost of new equipment, repair and refurbishment of existing equipment, repairs to existing premises or relocation to new premises in order for businesses to re-start or continue their operations.

The Fund could also go towards implementing structural measures such as building a mezzanine floor to ensure business-critical equipment can be moved to a higher point.

Councillor Judith Blake, Leader of Leeds City Council, said: “We are now several weeks on from the devastating Boxing Day floods and many businesses are still struggling to recover, not only those directly impacted but also connected businesses through disruption to their supply of goods or services.

“Our main focus is to help those businesses directly affected get back to full capacity and also to improve their flood resilience plans for the future, but we want to offer all the help and support we possibly can to all businesses impacted. I strongly urge them to register for this scheme and the other support available through local authorities.”

Peter Box, West Yorkshire Combined Authority Chair and Leader of Wakefield Council, added: “Although my own district was not hit particularly hard by the December floods and subsequent storms, I know how devastating it has been for many small and medium businesses and the knock-on effect for those companies that are suppliers or customers of those flood-hit firms.

“I am glad the Combined Authority has been able to step in with this £5m but with the total long-term impact of the recent floods on the City Region economy estimated to be as high as £365m, this is only scratching the surface.

“We need long term solutions, which is why a commitment and funding for flood prevention measures are among our devolution asks from government.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →