North Yorkshire’s economy relies heavily on small and micro businesses, and now they have the opportunity to access significant funding. A new capital grant scheme is making £450,000 available to eligible businesses in the county. Administered by the North Yorkshire Council and the North Yorkshire UK Shared Prosperity Fund (SPF), this funding is aimed at boosting business growth, productivity, and resilience. Businesses with less than 10 employees (micro businesses) and less than 50 employees (small firms) can apply for grants ranging from £1,000 to £10,000.
In addition to the grants, eligible businesses can also benefit from free support provided by the council and the York and North Yorkshire Growth Hub. The Chair of the SPF Board, Cllr Carl Les, encourages businesses of all types to take advantage of this funding opportunity, emphasizing the potential for making sustainable changes and improving profitability.
Sue Jefferson, Chair of the SPF Business Thematic Group, highlights the importance of designing the grants to address the barriers faced by small businesses and to encourage wider business advice utilization.
The 2023/24 funding scheme is set at £450,000, with plans to use feedback and insights from this initiative to inform future grant opportunities in 2024/25. Businesses are encouraged to consider the potential impact and benefits of applying for this funding, as it could lead to significant advancements in their operations.