£4m fund to create 275 jobs and help Humber businesses grow

Humber businesses have received a major boost due to a £4m grant programme using money secured by the Humber Local Enterprise Partnership from the Government’s Local Growth Fund.

“Growing the Humber” follows on from the success of a £30m Regional Growth Fund scheme, which supported more than 190 businesses with grants.

The re-launched programme runs until 2017 providing business investment grants to small and medium enterprises in the Humber. The £4m fund is expected to create 275 jobs and leverage an additional £20m in private sector funding.

Designed to businesses make capital investments that lead directly to to job creation within a year, the programme may include buying equipment and machinery or extending and refurbishing premises to enable a business to grow.

Grants of between £5K and £200K are available. The deadline for completed of grant aided projects is 31 October 2016 and the full value of the grant allocated must be claimed by 31 December 2016.

Among the successful applicants, who now have their projects underway, include Springfield Solutions in Hull, a reprographic business specialising in packaging and labeling, which has beens allocated a £75K grant towards the purchase of a new digital press.

Sherwood Plastics in Goole, a manufacturer of tamper-evident security seals for clothing retailers, has also been able to take advantage of a new business opportunity after securing £32K to invest in a new moulding machine and vacuum conveyor system.

Grant applications are assessed by an Investment Panel of private sector business leaders who between them have knowledge and skills of business management, finance, law and property.

David Kilburn of MKM Building Supplies is Chair of the panel and said: “Growing the Humber has already been successful in helping businesses of all shapes and sizes to make key investments that enable them to grow and employ more people. We are pleased that money from the Government’s Local Growth Fund allows us to continue providing support to businesses that promotes economic growth for the Humber.”

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