A new pilot scheme, believed to be the first of its kind in Leeds, is aiming to generate over £500,000 in funding for a range of social and regeneration initiatives focusing, in particular, on job creation.
Leeds City Council will invest around £100,000 of public money over two years into the project.
The aim is to use this cash to help attract hundreds of thousands of pounds of private sector money to support locally-based schemes.
The initiative is also aimed at helping businesses to demonstrate their corporate responsibility towards the city's less well-off.
Coun Mark Harris, Leeds City Council executive member with responsibility for the authority's "Narrowing the Gap" agenda, launched the new scheme at Leeds Civic Hall where he was joined by business leaders in giving further details about the project.
Representatives of regeneration organisation Leeds Ahead and the Leeds Community Foundation were also attending today's event.
A spokeswoman for Leeds City Council described the new initiative as "groundbreaking" and said it would help businesses to fulfil their social responsibilities at the same time as generating hundreds of thousands of pounds in private sector funding for regeneration and employment initiatives.
The council's Executive Board will meet in a week's time – on Wednesday, January 24 – to authorise the provision of the £100,000 funding and to agree to enter into a contract with Leeds Ahead and the Leeds Community Foundation to deliver the project.
The spokeswoman added: "The initiative is part of the council's 'Narrowing the Gap' agenda to ensure a fairer distribution of wealth in the city and generate business support to help more local people benefit from Leeds's success."
Leeds Ahead was set up to allow businesses to help tackle disadvantage in the city.
To date, more than 160 organisations have signed up to support its education programmes.
The Leeds Community Foundation works to improve the quality of life for local people and to date has distributed over £500,000 in grants to 54 community groups in the city.
Funding has been given to projects working on issues such as community cohesion, healthy living and social enterprise.
Previous schemes involving businesses have included mentoring and governor support for more than 1,750 pupils in 18 schools in Leeds.
Fourteen environmental projects, involving more than 150 volunteers from local businesses, have also taken place.
A total of 52 community groups have been provided with free professional assistance and 64 adults have received help finding jobs.
l For more information about Leeds Ahead, visit www.leedsahead.org.uk.
l For information on the Leeds Community Foundation, visit www.leedscommunityfoundation.org.uk.
nigel.scott@ypn.co.uk