Tees Valley hoping for £156m Funding
Businesses in Teesside could be set to receive another windfall, after Tees Valley Unlimited endorsed several more second round bids to the Government’s Regional Growth Fund worth over £156million.
Bids made in the first round by companies in the Tees Valley received around 10 percent of the original budget, after £26 million was awarded to five projects in the area.
It is hoped that the Governments initial recognition of innovation in the region will reflect positively upon the latest bids, which would allow Tees Valley to further realise its ambitions for growth.
If the bids are successful, it will have a massive impact on the area, potentially creating over 10,000 jobs and safeguarding another 3.987. This investment would also lever in an additional £1.742 billion of private sector investment into the region.
Commenting on the submissions, Stephen Catchpole Managing Director at Tees Valley Unlimited said: “If the bids are successful Regional Growth Fund investment in the Tees Valley will have a positive impact on private sector growth and jobs and provide a much needed boost for our local economy and form the platform for greater economic growth and stability.”
Tees Valley Unlimited has engaged with prospective bidders, which cover a wide range of sectors, including the low carbon energy sector, the food and drink industry and logistics and distribution.
Rachel Anderson from the Chamber of Commerce added: “The bids submitted demonstrate huge ambition for the Tees Valley and bring forward practical, deliverable products which will create high quality, sustainable jobs in the future.
“NECC has no hesitation in supporting the bids which will act as a lever to bring in even greater investment from the private sector to really advance the area’s economy.”