Following on from our first part of starting a business in Leeds, part two will explore what tools and directories available to help for start-up business in Leeds.
If you are embarking on a business venture in Leeds, in any capacity, times can be daunting and exciting in equal measures. Although Leeds did not earn its reputation of being the ‘London of the North’ without reason. Fortunately, being such an enterprising and entrepreneurial city, there is ample business support in Leeds for small businesses and start-ups, the trick is knowing about them.
Take a look at some of the vital resources, tools and help available designed to nurture small business and start-up growth in Leeds.
Almost all start-ups require some external funding in order to realistically develop and expand. Long gone are the days when an entrepreneur could walk into a bank, show his or her business plan to the manager and walk out with a business loan. With bank loans difficult to secure many business owners are relying on alternative sources of funding to obtain the finance required to support start-up development.
Being a business-minded city there are a number of sources for business funding in Leeds that offer alternative funding to SMEs and start-ups.
Funding support from Leeds City Region LEP
The Local Enterprise Partnership (LEP) plays a leading role in two government-backed funding programmes for businesses. These programmes are:
The Regional Growth Fund
Businesses in Leeds are able to apply for a share in £20million given to the Leeds City Region LEP from the government.
- Employment and skills
- Grow your business
- Business start-ups
- Business funding options
- International trade
- Innovation and knowledge suport
- Low carbon and efficiency
- Social enterprise support
- Public sector contracts
Visit the official LEP website for more information on how the Regional Growth Fund could help your business.
Growing Places Fund
This £36million loan fund is designed to provide support to start-ups that will contribute to the economic development of Leeds.
Visit the Growing Places Fund website for more information and to apply for funding.
LEP Business Growth Programme
Grants of between £10,000 and £500,000 are available to create new jobs and business growth.
Grants can be used for:
- the purchase of capital equipment;
- machinery and tools;
- alterations to land/premises; and
- security improvements.
The grant scheme is administered by Leeds City Council's Enterprise Team and has a number of criteria. To qualify for assistance businesses must be:
- based in Leeds;
- have been trading for 6 months;
- be operating from commercial premises;
- have an annual turnover of less than 50 million euros (around £45m) and employ fewer than 250 staff; and
- be engaged in manufacturing, manufacturing related services, wholesale/distribution, construction, media production or business to business services.
SMEs that are based in Leeds City Region (which includes all of West Yorkshire plus York, Harrogate, Craven, Selby and Barnsley) or planning to invest here.
Local Authority Funding
Some local councils in Leeds offer grants and loans to small businesses. You can see if the Local Authority Funding scheme is available in your area by using the business support search tool.
Leeds City Council
“Our vision is for Leeds to be the best city for business.” Leeds.gov.uk.
In an effort to help start-ups in Leeds grow, the Leeds government offers a range of business-orientated services.
Its Business Startup Support provides comprehensive information to support existing businesses, start-ups, entrepreneurs, inventors, or anyone who wishes to become self-employed in the Leeds area. The Business Startup Support includes a regular Enterprise Club which features a number of speakers from varying industries and organisations who are committed to providing anyone considering a start-up with important information and advice.
Business Support Search Tool
The Leeds City Region Enterprise Partnership offers a range of business support resources aimed at helping local start-ups and small businesses develop and prosper.
One such resource is the Business Support Search Tool. The tool enables you to search the local authority in which your business is located, search your company sector and then determine the type of support you are looking for.
For example, if your business is located in Barnsley, is in the digital and creative content industry and you are looking for property and premises, the Business Support Search Tool will search all the available resources. It will then inform you about Enterprising Barnsley, an organisation which provides a number of business support activities to eligible SME companies based in Barnsley. These services include enterprise coaching, business incubation, start-up support and business networks and workshops.
Office facilities in Leeds
Renting out office space is expensive, particularly in a prime city centre location. With a huge number of tools, resources, apps and cloud-based solutions available to Leeds-based businesses it is now easy for businesses or all sizes to work anywhere rather than relying on a central office.
For a start-up, cost-effective office solutions can be a vital tool in nurturing growth. There are numerous hot desks and co-working space in Leeds available. Such co-working centres provide cost-effective shared office facilities and networking opportunities – Crucial components in cultivating start-up development and business success in Leeds.
Located on the edge of Leeds with easy motorway access Carrwood Park provides cost-effective office space for start-ups and small businesses.
Book a viewing and see for yourself how Carrwood’s modern, pleasant and friendly co-working centre could give your startup a great shared office in Leeds for the ammunition it requires to grow and succeed.