The hub will include business support advisers, located with partners around the Humber, who will be tasked with helping firms find the advice and funding they require.
The programme will also include a web portal which will bring together local and national business support initiatives in one place to make it easier for Humber businesses to access them.
Now the funding, which has been awarded from the Government’s Regional Growth Fund via Lancaster University, is secured, the LEP is working to develop a detailed project plan.
The programme will be finalised early in the New Year, with implementation beginning in March 2014.
Lord Haskins, chair of the Humber LEP, said: “One of the most common issues raised by businesses is that the business support landscape is confusing, and there is no single place to go to find out what is on offer.
“We are delighted that our bid for this competitive funding has been successful so we will be able to help more businesses to find support and advice.
“This is one of several important measures we have won through the Hull and Humber City Deal that will support growth in the Humber.”
Lindsay West, chair of the LEP’s SME support committee, said: “The programme is aimed at filling the gaps for business support and helping businesses navigate the support that is out there to help them grow.”