SCIENCE City York has secured a £1.3 million investment from Europe to help create 160 jobs over the next three years.

The money will fund a three-year programme of intensive mentoring for about 130 small to medium knowledge-based businesses.

A spokeswoman said the investment from the European Regional Development Fund (ERDF) Programme in Yorkshire and Humber would fund a new service, the Specialist Services for Business Growth and Innovation project.

Specialist business mentors would offer support for innovative businesses to improve market intelligence and the mobility of talent across the region.

“The main focus of the project will be to provide a high-level, tailored, coaching and mentoring programme focussed on improving competitiveness in innovative and high growth companies in priority sectors,” she said.

“It will support the recruitment of three high-level business mentors who will offer intensive support to key individuals within companies, using their expertise, together with experience of enterprise and understanding of innovation, to help the businesses overcome critical barriers to growth.”

She said the European investment, secured through Yorkshire Forward, was in addition to existing funding, which included more than £1million from Yorkshire Forward and £600,000 from City of York Council.

Andy Gurnell, delivery services manager for Science City York, which is a partnership between City of York Council and the University of York, said: “The service will target established businesses with growth and innovation potential that have reached a point in their development where further growth is limited by resource and capacity issues such as marketing, recruitment and process innovation.

“The aim of the mentors will be to enable a higher return on investment and improved market position for the companies involved.”

Trevor Shaw, Yorkshire Forward’s executive director of finance, said that making businesses more competitive was a major priority for the region.

“With investments like this, we are demonstrating our commitment to improving the prospects of local businesses by investing in the extra support that they need to compete more effectively and prosper in the future.”