Yorkshire Forward doubles business recovery fund to £2 million

Yorkshire Forward Chief Executive Tom Riordan has welcomed today’s visit by John Hutton, the Secretary of State for the Department of Business, Enterprise and Regulatory Reform to the flood-hit areas of the region.

Speaking with the Secretary of State, Riordan announced that the business recovery fund has been doubled to £2 million, and that the first payment has been sent to a company in Rotherham, just seven working days after the fund was made available and the helpline opened.

Tom Riordan also stated that well known regional businessman Dr. Chris King has been appointed as a Senior Industrial Adviser. Dr King will be the eyes and ears of the Regional Development Agency, and act as an Ambassador to business, identifying the barriers to recovery faced by the region’s large companies.

Tom Riordan said: "The Secretary of State has seen firsthand the extent of the damage caused by floodwater, and what needs to be done to restore the region. He has also witnessed the resilience of Yorkshire businesses, many of them back in business within days.

"Yorkshire Forward reacted speedily to support businesses, and I am delighted that we are able to double the amount of money available to business, and that the first of the business recovery grants has been awarded. We know how important it is for businesses to be able to access funding and other support quickly in order to counter the effects of natural disasters like flooding."

Business and Enterprise Secretary John Hutton said he had been hearing first hand from affected businesses and from business leaders what they need to get working again as quickly as possible.

He said: "Machinery needs to be replaced, buildings have to be dried out and repaired, bills have to be paid, customers contacted, jobs preserved. Every flooded home and school is important, but businesses matter too. They provide jobs as well as vital goods and services. "

The small business recovery scheme will provide up to £2,500 per company for immediate recovery needs.

Small businesses will need to fill in a one page form to apply for this assistance.

Larger companies (employing over 250 people) will be assessed on a case by case basis to assess their specific needs and determine what support they need.

Both schemes contain criteria to ensure that support does not duplicate what insurance policies would cover.

Businesses wanting information on the Business Recovery Scheme can call the helpline on 0800 022 6201 or visit www.yorkshire-forward.com