£8m funding pot is open for business across the Humber
3rd May 2017
A FURTHER £8 million has been made available to support business in the Humber area make capital investments and create jobs.
Round three of the Growing the Humber Local Growth Fund was secured by Humber Local Enterprise Partnership from Government, working with North East Lincolnshire Council as the accountable body.
It has already supported more than 300 businesses with £25 million in grants, levering in almost £120 million in private investment.
They have gone on to create 1,800 jobs, with 540 to be filled in the near future. This additional round will bring in a further 525 jobs.
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 chairs it.
He 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 additional money from the Local Growth Fund allows us to continue providing support to businesses that promote economic growth for the Humber.”
Examples of businesses tapping in around the Humber include UK Trailer Parts, Pipers Crisps, Agenda Resource Management and Sports Identity.
Grimsby-based UK Trailer Parts received £60,000. A manufacturer and supplier of load restraint equipment to the haulage sector, the husband and wife team used the grant alongside a considerable investment by the business to move to larger premises and extend the range of services offered to the logistics sector.
Andrew and Tracey Gillett moved the business from Fletcher’s Yard, off Grimsby’s Wellowgate, to South Humberside Industrial Estate, having taken over seven years ago.
Mrs Gillett, financial director, said the move was vital to professionalise output. “The old place was assembled around a courtyard and rather higgledy-piggledy. The move has meant we were all on one level, we can see the whole manufacturing area, and allowed us to bring in brilliant 40ft benches that can hold curtain sides for trailers. We’ve brought in a new machine to streamline operations even more. It has made a huge difference, even to business confidence.”
Four jobs were created, swelling the Estate Road One team to 14.
“We would definitely recommend that others apply for the grant to help grow their business,” she added. “We are already reaping the benefits.
“There is a huge amount of untapped work available. With the ability to increase productivity, it means that we can now pursue bigger contracts and are able to fulfil them in a timely manner.”
Sports Identity is a Hull-based signage manufacture company servicing the sporting sector. They were awarded a grant to support investment in more efficient and environmentally-friendly printing technology, enabling them to provide a greater range of services and appeal to new markets.
Rob Daysley, managing director, said: “The introduction of the new machinery has increased our workflow, reducing the ‘bottleneck’ in production and giving us the ability to produce more internally.
“The reduction in outsourcing gives us a further competitive edge in finding new customers and markets and also means that as the business is able to grow, more money will be retained within the local economy.”
The grants are open to businesses that have been trading for at least a year and are ready to grow can apply for a grant to support capital purchases. Projects could include buying equipment and machinery or extending and refurbishing premises to enable the business to be more productive and grow their customer base.
For more information visit www.humberlep.org, call 01482 485260 or emailing email@example.com.
News Courtesy: www.humberbusiness.com