£5m fund approved for flood-affected businesses in Leeds

“THE devastation of the flood is not going to be fixed overnight,” said Roger Marsh, chairman of the Leeds City Region LEP, but a £5m fund that has been approved will help.

The West Yorkshire Combined Authority Investment Committee agreed that part of the Leeds City Region Growth deal should go towards a Business Flood Recovery Fund to help victims of the Boxing Day Floods.

It is estimated that around 2,000 businesses in the area were directly affected by the floods, with more estimated in the supply chain.

The Combined Authority said that the floods could impact the regional economy by as much as £365m.

Initially, £1.4m will be made available, with the rest waiting final approval by the Combined Authority Board on 4 February.

The fund will be managed by the Leeds City Region Local Enterprise Partnership, and is expected to be in place by next week, offering grants between £5,000 and £10,000.

To be eligible for funding, businesses must be an SME and from one of the LEP’s priority sectors; manufacturing, food and drink, low carbon and environmental, financial and professional services, health and life sciences and digital and creative, although “discretion will apply” according to the LEP.

Cllr David Green, chairman of the West Yorkshire Combined Authority Investment Committee and Leader of Bradford Council said: “With an initial assessment on the impact of the flooding on the regional economy suggesting the long term damage could be as much as £365m, it is clear we need government to work with us to achieve long term solutions that will prevent these destructive deluges and stop the idea of a Northern Powerhouse being overwhelmed.”

Roger Marsh OBE, chairman of the LEP and deputy chair of the West Yorkshire Combined Authority Investment Committee said: “This funding is for those businesses that require the highest level of investment to get back towards operating at full capacity. Having visited some of the affected businesses in Calderdale myself, I know how vital this long-term investment is to return to the same level of trade as quickly as possible.

“The devastation of the flood is not going to be fixed overnight. However this funding will complement the initial rapid response support from our partner councils to address the longer term issues and costs businesses face in returning to full operation and alleviate any further impact on business growth.”

The Business Flood Recovery Fund application form will be available from the LEP next week and via local authority growth managers across the region.

Further information about the support available to flood affected businesses can be found at www.the-lep.com/floodsupport.