UK Steel Enterprise launches £4m grants scheme

UK Steel Enterprise is set to launch a £4m scheme to help North East businesses develop and create jobs.

The Access to Finance scheme is aimed at growing companies across the Tees Valley, Derwentside and West Cumbria.

The scheme will provide grant funding alongside loan and equity finance provided by UK Steel Enterprise.

UKSE is a subsidiary of Tata Steel and provides business growth finance of between £25,000 and £750,000 to growing companies in the traditional steel-making areas of the UK.

Access to Finance is supported by £1.2m from the government’s Regional Growth Fund (RGF) programme.

The RGF aims to create economic growth and employment by helping programmes that lever private sector investment.

The scheme will be available in Teesside, Hartlepool, Consett, West Cumbria, Humberside, Gainsborough, South Yorkshire, Chesterfield, Worksop, the Black Country, Stoke-on-Trent and Corby.

Businesses can apply for the scheme which could earn them grant funding of up to 35% eligible expenditure, which includes capital investment in plant and equipment.

Applicants must demonstrate the creation of sustainable jobs as a result of the project and the amount will vary depending on location, the nature of the project and the number of jobs being created.

Simon Hamilton of UK Steel Enterprise said, “This is a real boost for companies with genuine growth prospects and will enable us to provide a package of business finance products which could include grant funding, business loans and equity based development capital.

“We would like to hear from any company considering proposals that will create sustainable jobs.”

The scheme is expected to be available in the spring but UK Steel Enterprise is already taking enquiries and interested companies should contact the company with details of their proposals.

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