Digital Capital of the North offers £1 million to support new tech businesses

Digital Capital of the North offers £1 million to support new tech businesses

Employing 102,000 people and worth £6.6bn to the economy, the Digital Technology Sector is booming in the Leeds City Region as a result of both indigenous business growth and the expansion from business based in London and overseas.

Since January 2017 more than 15 businesses in the digital technology sector have already selected the region for investment. This includes the recent announcements this year from global firms such as Perform Group, Sandstone Technology and Hudl.

The new fund, which forms part of a package of business support available through the Leeds City Region Enterprise Partnership, has been designed to help de-risk business expansion by offering grant funding against capital expenditure, such as new equipment including computers, office furniture, etc.

Kersten England, Chief Executive of Bradford Council and the Leeds City Region Lead Chief Executive for Business Innovation and Growth, commented: "The city region has significant strengths across a number of sectors, and is gaining an international reputation as a leading centre for digital technology. 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 finest digital businesses. Whilst indigenous businesses will continue to benefit from the LEP products already on offer in order to help us deliver inclusive economic growth.

"With our strong tradition of enterprise and innovation, the city region is perfectly placed to make the most of the many opportunities the current fourth industrial revolution is bringing."

Businesses already located in the region will not be eligible for this support although they can access other funding streams offering by the LEP Growth Service, including:

  • Access Innovation
  • LEP Capital Grants
  • LEP loans
  • Resource Efficiency Fund
  • Strategic Business Growth

The Digital Inward Investment Fund is £1m of funding from West Yorkshire Combined Authority and Leeds City Region Enterprise Partnership (LEP) through the Leeds City Region Growth Deal – a £1 billion package of government investment to accelerate growth and create jobs across Leeds City Region.