A £500,000 grant scheme to boost businesses will be launched later this month.

Kirklees Council has put £½m into a funding pot for companies to finance job growth.

Cabinet members backed the Access to Finance Jobs Growth programme last year but on Monday they will need to approve changes due to a senior officer leaving.

It’s meant they’ve had to contract an external company to offer business support to applicants.

The aim of the job growth programme is to support private sector job creation, support small and medium sized enterprises and create 120 jobs and support 20 businesses.

Cabinet members will be asked to approve the scheme and delegate authority to directors to run it.

However, the council admits that due to changes they might not be able to guarantee the 120 jobs they initially expected.

And it could fund businesses in and outside of Kirklees too – as applications will be made to the Funding Circle, which looks at postcode not council boundary.

Clr Mehboob Khan, leader of the council, said: “We still recognise that while the council can create the conditions and environment to attract economic growth, we can also help kick-start growth among existing companies.

“Many businesses face short-term cash flow problems when expanding, that’s where we hope to help with finding which helps to bridge the gap.”

The Funding Circle, the UK’s largest peer-to-peer business lending site, will administer the applications.

Kirklees will put £150,000 into a revolving loan fund for its own area.

The Funding Circle data shows it has granted 15 loans totalling £680,000 in Kirklees and in the wider area 77 loans totalling £3.67m.

But exact job creation figures are not known.

Further to the Funding Circle, grants of up to £20,000 will be offered to businesses that create jobs.

And a further £50,000 will be available for community centres to become more sustainable.