Member Article

Funding available to help Tees Valley businesses create jobs

Tees Valley-based businesses are being urged to apply for a share of a new grant scheme, aimed at creating jobs.

Securing additional budget through the Local Growth Fund, Tees Valley Business Compass will deliver the ‘Tees Valley Business Growth Investment Scheme’, which will offer grant support of between £10k and £50k to companies with fewer than 250 staff.

Stephen Catchpole, managing director at Tees Valley Unlimited, said: “The grant scheme offers a real opportunity for local companies to access funding to help them take the next step.

“The funding is available now and any companies that are about to invest in a growth project, or who are planning a growth project, should contact the team at Business Compass without delay - they’ve nothing to lose and everything to gain.”

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

The Tees Valley Business Growth Investment Scheme can be used to support capital investments such as improvements or expansions of premises, or to invest in new plant, equipment and machinery.

The scheme supports projects of £33k or more which can be substantially completed by 31st December 2015, and which create a minimum of two new permanent jobs.

Companies whose applications are successful could receive up to 30% of the total cost of the project. For example a company planning to create four new jobs by investing £60k on new equipment could receive up to £18k support.

Simon Allen, senior project manager at BE Group – the organisation administering the scheme - said “We are delighted to be working with the Tees Valley Business Compass team once again on this new grant scheme and, having been involved in delivering the successful forerunner scheme, we know what a difference this can make to growing businesses and the local economy.”

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