Member Article

£1.3 million Teesside scheme creates 165 new jobs

The Tees Valley Business Compass scheme has injected more than £1.3 million into local firms, creating 165 new jobs and safeguarding a further 12.

The scheme, led by Tees Valley Unlimited (TVU), has also approved funding for 10 local projects.

Tees Valley Business Compass secured £2.4 million to deliver the Business Growth Investment Scheme, which offers between £25k and £1 million of grant support to SMEs looking to invest in their business to achieve sustainable growth.

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.

One company to have benefited already from the scheme is Camerons Brewery in Hartlepool.

The 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.

Managing Director of TVU, Stephen Catchpole, said: “Growth, sustainability and job creation are at the core of what this scheme is about.

“I would encourage any local businesses in key sectors such as engineering, advanced manufacturing, digital and creative industries, chemicals and process technology to get in touch to find out how the Business Growth Investment Scheme could help your business achieve its full potential.”