Humber region set to receive boost as Government injects £30m into business

Local Enterprise Partnership scheme to create 3,000 jobs and promote private investment

Small businesses in the Humber are set to receive a timely cash injection with £30m of enterprise funding made available to firms in the region, the Department for Business, Innovation and Skills (BIS) announced today.

Businesses of any size can bid for a share of the Local Enterprise Partnership (LEP) money, which is intended to boost growth in the region and build on the Humber’s reputation as the UK’s ‘energy estuary’. The first round of funding will make £10 million available to support offshore windfarms and renewable energy companies on the estuary, with the remaining £20 million available to businesses wishing to exploit expansion opportunities across the region.

The investment comes as part of the £2.6 billion Regional Growth Fund initiative, which aims to support projects that lever further private investment and create jobs. 315,000 people aged over 50 in the Yorkshire and the Humber region are classified as ‘economically inactive’, and it is hoped that today’s announcement will encourage those people to consider setting up their own business.

Nick Bunting, CEO of the Prince’s Initiative for Mature Enterprise, commented: “We welcome the news that small businesses in the Humber area will have the opportunity to access some much-needed funding. SMEs are the backbone of the UK economy and it is absolutely vital that these businesses are given the right support to grow and create more jobs.

“The high number of economically inactive people in the Yorkshire and Humber region is a cause for concern. As a national charity dedicated to helping the over 50s set up their own businesses, we positively encourage mature workers to seriously consider self-employment as a viable alternative.”

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