The Leeds City Region LEP has launched a productivity pilot to assist businesses in the city via capital grant investment of between £25,000 and £100,000.
Capital grants are to be awarded on a competitive basis to businesses who can demonstrate how the funding would have a positive impact on productivity.
The investment is open to businesses in the City Region, which includes the local authority areas of Barnsley, Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, Selby, Wakefield and York.
Businesses must be able to show that:
- They have been established for at least 12 months and operate from commercial premises
- There is no net reduction in employee numbers for a minimum of 12 months following the completion of the investment
- It operates in the City Region’s key growth sectors and/or their direct supply chains: specifically, health and life sciences, digital and creative industries, low carbon and environmental industries, manufacturing, financial and professional services or business to business services
- It generates the majority of its turnover from trading with other businesses, or the grant-supported project will lead to this.
- Private finance is available: either via the directors, from a bank, or other commercial finance to invest alongside the grant (must have at least £4 of private sector finance to invest for every £1 in grant funding)
- The project is financially viable and in need for grant support
In accordance with State Aid rules, businesses can apply for a maximum grant of between 10 per cent and 20 per cent of a project’s costs, depending on the size of the business.
However, projects must:
- Consist of capital investment in equipment and/or, fit-out and refurbishment of buildings.
- Relate to capital investment that will lead to clearly-evidenced productivity improvements for the business.
- Ensure capital investments supported through the project are in place and fully operational by 31 July 2019 at the latest
- Be supported by a Productivity Plan (a template for this is provided) that clearly sets out how a business currently measures productivity, how the investment project will improve productivity and how this will be evidenced for at least 12-months following the investment
- Use the ONS’ new ‘How productive is your business?’ online tool to measure your productivity before and after the investment project
- Commit to taking part in a longitudinal survey that will track productivity improvements at regular intervals over a three-year period following completion of the investment
A full breakdown of the various rules relating to this capital grant investment can be found by clicking here.
If you would like support calculating productivity or evidencing your submission, please speak to our team today.
Our experienced team can help with grant applications by showing that you comply with the rules and can achieve the ambitions of your project.
To find out more about how Kirk Newsholme can help, please contact Ben Maughan at Ben.email@example.com or by calling 0113 204 4217.