Doncaster companies can get a slice of £3.3m grant funding
Because productivity is closely linked to improving the quality of life, the Enterprise Productivity Program, launched in October and which has supported over 100 companies to date, will help companies overcome barriers to growth and productivity by applying for a matching grant.
Projects that include both advisory services and investments in new equipment or machinery up to a value of £ 24,999 can apply for up to 50 percent of the cost of the new grant program.
The new program is funded by the European Regional Development Fund and run by Enterprising Barnsley, Business Sheffield, Business Doncaster and Rotherham Investment and Development Office (RiDO).
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To qualify for Grant Funding, companies must be based in South Yorkshire and have been trading for more than 12 months. As part of the application process, companies must submit a detailed expenditure plan.
According to the latest statistics from the Office of National Statistics, only the Swansea Bay City region had lower levels of productivity than the Sheffield City region. Data released by the Sheffield City region also suggests that if business productivity increased, the size of the local economy would grow from £ 35 billion to £ 44 billion when the UK average is equal to £ 62 billion by comparison to London.
Anna Smith, Program Manager, Business Productivity Program, said, “With many companies turning their attention to working in a post-Covid-19 and post-Brexit world, many have been forced to adapt and adopt new ways of running their business. The Enterprise Productivity Program is designed to help companies access the skills, support and capital they need to respond to a changing economy.
“Business productivity is an important measure, and research has consistently shown strong links between economic growth, quality of life and standard of living. Although there have been some signs of productivity growth in recent years, South Yorkshire is struggling to keep up with other parts of the UK. Instead, the gap seems to be widening.
“In the past, the local economy has relied on low-skilled jobs and, according to a study published by the Sheffield City Region, nearly half of those jobs are at risk of automation over the next two decades. The aim of the Enterprise Productivity Program is to equip South Yorkshire businesses with the skills and support they need to innovate, invest in research and development and drive future economic growth in the area.
“The long term goal of the program is to attract and retain high quality jobs in South Yorkshire by helping companies understand and overcome perceived barriers to growth.
To learn more about the Business Productivity Program, business owners should contact their local council’s Business Support Team.
Grant applications can be made by contacting Business Doncaster on 01302 735555 or by email: [email protected]
