From jamie goodwin | Thursday 21 May 2020
Schemes helping businesses cover the cost of working with experts to help companies grow and become more resilient.
Two business grants for small and medium-sized enterprises (SMEs) are helping businesses in Hull to thrive despite coronavirus measures.
The #GrowMySME schemes can help cover the cost of working with experts to help companies grow and become more resilient.
Its Finance for Growth scheme had seen 49 applications approved – with 20 more applications likely to also be granted soon.
It has resulted in almost £320,000 of grant awards allocated towards total project costs of almost £800,000.
The funding is still open for applications towards projects costing from £2,500 to £12,500, with a maximum grant of £5,000.
The support platform’s main ICT for Growth scheme has already seen 191 applications approved, with 33 more likely to follow.
All funding is now allocated as £920,000 has been granted to total project costs of £2.3 million.
But the ICT New Start-Up Grants which supports businesses that are less than 12 months old is still open for applications. It has already received 29 applications approved, with 10 more likely to be granted very soon.
The scheme can award grants towards ICT-related projects costing from £2,000 to £2,500, with grants of £1,000 available.
Councillor Daren Hale, deputy leader of Hull City Council, said: “During these tough economic times, it is vital that businesses in Hull are given all the support they can get so they can continue to flourish despite measures to stop the spread of coronavirus.
“These schemes can ensure that SMEs in the Hull area will continue to grow, which is fantastic for the city’s economy.”
The Finance for Growth and ICT for Growth Schemes are supported by the 2014 to 2020 European Regional Development Fund Programme.