Businesses with expansion plans are being urged to move quickly to take advantage of a new grant scheme in North Yorkshire.
Terry Doyle, a partner at accountants and business advisers Clive Owen & Co LLP in York, said the recently launched Business Growth Programme was attracting a huge amount of interest from businesses in York and the surrounding areas.
The scheme, which is administered by the region’s Local Enterprise Partnership (LEP), offers growing businesses with fewer than 250 employees grants of up to 20 per cent of capital expenditure – and potentially higher amounts for research and development costs.
Part of the £3.2bn Regional Growth Fund, the regional programme has a total of £3.8m to award to eligible businesses within the York, North Yorkshire, and East Riding areas.
In return for the grant support, businesses have to commit to generating sustainable new jobs within the region.
Terry Doyle, a partner at Clive Owen & Co’s York office, said:
“The scheme has introduced a new source of finance for businesses in the region, as traditionally there has been very little grant support available within the LEP’s area.”
The availability of the scheme has enabled Clive Owen & Co’s nationally recognised grants and state aid specialist, Neville Baldry, who is normally based in the firm’s Darlington office, to spend more time advising York based clients on the application process.
“Since the first round of the Regional Growth Fund in 2011 we’ve helped our clients secure more than £70m of state aid funding, and steered businesses through the maze of EC legislation to ensure successful grant bids.
“I’m looking forward to spending more time in and around York during the forthcoming months and working closely with our clients and the LEP to deliver some job creating projects for the region.
“It’s important businesses with expansion plans move quickly to secure an offer of support.”
The funding awarded under the Business Growth Programme scheme must be distributed by 31 March 2015.