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Business Growth Investment Scheme launches in Tees Valley

A new investment scheme to support business growth across the Tees Valley has been launched.

Tees Valley Business Compass, has secured £2.4m to deliver the Business Growth Investment Scheme, which offers between £25,000 and £1,000,000 of grant support to small and medium-sized enterprises (SMEs) looking to invest in their business to achieve sustainable growth.

The Business Growth Investment Scheme can be used to improve or expand premises, invest in research and development or to invest in new plant, equipment and machinery. Alternatively the grant could help cover the cost of new staff whose jobs have been created as a result of a capital funded project. Whilst safeguarding existing jobs will be taken into account, companies must be creating new permanent jobs in order to qualify for a grant.

Businesses across the five Tees Valley local authority areas, Darlington, Hartlepool, Middlesbrough, Redcar and Cleveland, Stockton-on-Tees, are eligible to apply.

Stephen Catchpole, Managing Director of Tees Valley Unlimited, said: “The Business Growth Investment Scheme will help a wide range of businesses, offering significant assistance to companies and enterprises that are keen to grow in the Tees Valley. The scheme provides long-term growth capital which can help businesses to unlock their full potential and expand the size and scope of their activities.”

“The scheme is designed to encourage and enable growing enterprises in key sectors such as engineering, advanced manufacturing, digital and creative industries, chemicals and process technology to invest sooner than they had planned, or it may allow them to commit to a larger project than they may have been able to, without the funding. We’d encourage businesses to get in touch to find out more.”

The funding was secured from the Government’s Regional Growth Fund through Lancaster University, who are leading the creation of 15 new growth hubs across the UK. The funds support eligible projects and programmes that are also raising private sector investment to create economic growth and sustainable employment.

For further information and to find out if your business is eligible please visit www.teesvalleyunlimited.gov.uk

This was posted in Bdaily's Members' News section by Tees Valley Unlimited .