Ruth Mitchell

£500,000 boost for Teesside Enterprise

A fund that has helped start 112 small businesses and create 220 jobs on Teesside in less than a year has secured a £500,000 boost.

The Regeneration Fund, set up with £600,000 from UK Steel Enterprise when Teesside Cast Products was mothballed, has reportedly proved a success.

Now, thanks to the additional £500,000, made available through the Tees Valley Industrial programme (TVIP), the Tata Steel business support subsidiary has said it can build for the future.

“We are delighted that the success of the Fund and of the businesses we have supported so far has enabled us to lever in this welcome support,” said Simon Hamilton, UK Steel Enterprise regional manager.

“It is often just a very small amount of finance that is needed to get a new business off the ground but that can prove really difficult to source.

“There is no doubt that smaller businesses like these are going to play a very important part in the UK’s recovery.”

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