What is the Growing Hull & East Yorkshire Business Investment Grants?
Growing Hull and East Yorkshire is a £1.5m business investment scheme aiming to provide capital grants to SME businesses in Hull and East Yorkshire to support and incentivise business growth, investment and job creation. Grants of between £5,000 and £250,000 are available to SME businesses that are able to demonstrate viability and will contribute to the wider growth of Hull and East Yorkshire. Grants below the minimum threshold may be considered as an exceptional case.
Businesses applying will need to demonstrate profitability, that the project is feasible and ready to go. Applicants may also wish to consider potential additional benefits such as how their project may contribute to the wider clean growth and carbon reduction targets of Hull and East Yorkshire. The programme builds on the success and momentum of the successful Growing the Humber business grant programme. The scheme should be considered alongside other finance options such as bank loans or asset finance.
Key growth sectors include:
- Life sciences and related industries
- Digital and creative industries
- Low carbon and environmental industries
- Manufacturing
- Financial and business services
Grants worth up to £250,000 (minimum project spend £50K) are available to businesses across the Leeds City Region to support business investment and expansion. The grants will cover up to 20% of the cost of investment in new premises, fit outs, capital equipment and machinery.
Funding available:
- In accordance with State Aid rules, you can apply for a maximum grant of between 10% and 20% of your project costs, depending on the size of your business (10% for businesses with between 50 and 100 employees).
For example:
- If you have 20 employees and a total project cost of £250,000 the maximum that you can apply for is £50,000
- If you have 80 employees and a total project cost of £250,000 the maximum that you can apply for is £25,000
