Posted on June 18, 2018 by staff

£1m fund to support new tech firms

£1m fund to support new tech firms

Leeds City Region's digital tech sector is worth £6.6bn to the economy
Leeds City Region’s digital tech sector is worth £6.6bn to the economy

The Leeds City Region Enterprise Partnership has launched a £1m fund to encourage digital businesses to relocate to the area.

The city region’s booming digital tech sector is now worth £6.6 billion to the economy and employs 102,000, bolstered by both indigenous business growth and the expansion from business based in London and overseas.

Perform Group, Sandstone Technology and Hudl are among the businesses who have recently chosen the region for investment.

“The city region has significant strengths across a number of sectors and is gaining an international reputation as a leading centre for digital technology,” said Kersten England, CEO of Bradford Council and the Leeds City Region’s lead chief executive for business innovation and growth.

“Over the last 18 months we have seen our strengths within this sector recognised by growing levels of investment from both businesses based in the UK and overseas.

“We believe that this new fund will help the region to continue to attract and develop the best digital businesses. Indigenous businesses will continue to benefit from the LEP products already on offer in order to help us deliver inclusive economic growth.”

The new fund has been designed to help de-risk business expansion by offering grant funding against capital expenditure, such as new equipment including computers and office furniture.

The funding comes from West Yorkshire Combined Authority and Leeds City Region Enterprise Partnership (LEP) through the Leeds City Region Growth Deal.

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