Businesses across South Yorkshire are set to benefit from a stimulus package worth as much as £860 million, as leaders in the region seek to ensure the economy bounces back from the pandemic.

This investment package is expected to get the nod from local business leaders and the mayor of Sheffield City Region, Dan Jarvis. It is central to the plan they have come up with to make sure that the virus pandemic and the various lockdowns used to combat it do not bring about a lasting economic slump in South Yorkshire.

This stimulus will be called the South Yorkshire Investment Fund, and it is being described as a fresh start for the region. The hope is that it will guarantee the recovery of the economy and help to kick start new businesses. Start-ups will be given money to help them establish themselves and grow, while funding will also be provided for projects aimed at training people for new jobs.

New companies launching in the wake of the pandemic will also be able to call on other forms of local help and support, like an accountant for small business in Doncaster, to ensure they are on the right track.

Speaking to Business Live, Jarvis stated that:

“Despite the challenges Covid has thrown us, our plan sends a crystal clear message of ambition and confidence that Yorkshire is open for business and ready to prosper.”

Borrowings of £500 million against devolution payments in the future will be used to finance the package.