The University of Hull has received additional funding from the European Structural and Investment Fund (ESIF) and European Regional Development Fund (ERDF) following the success of the University's SparkFund, which supports SMEs in the North Yorkshire and Humber regions.
SparkFund delivers match funded business grants and support to small and medium-sized enterprises (SMEs) in the region, enabling them to improve or develop exciting new products, services or processes.
The new funding, totalling almost £2.5 million, will support the competitiveness and innovation of regional SMEs within the North Yorkshire and Humber regions through a scheme of Innovation Vouchers and Research &Development grants.
The additional funding will extend the work of the SparkFund up until the end of 2021, enabling the team to support many more SMEs over the coming years.
Dr Maggie McGowan, Director of Research and Innovation at the University of Hull, said: “The additional funding we’ve been awarded is a testament to the success of SparkFund and the impact of the support the team provides to SMEs in the Region. We are very much looking forward to further contributing to regional growth by stimulating investment in research and innovation. ”
Steve Gregory, Chair of SparkFund’s independent awards panel and Head of Regional Engagement at the University of Huddersfield said: “This wonderful news showcases the exceptional efforts from the SparkFund team, and the tangible impact that the funding is having on the North Yorkshire and Humber region. It’s amazing that SMEs are getting the opportunity to receive match funding and it’s something SMEs in the region should be extremely excited about.”