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UMi and North of Tyne Growth Fund create 592 new jobs and fuel local business growth

The North of Tyne Growth Fund (NTGF), delivered in partnership with UMi, provided grant support totalling £3.05m to SMEs across the North of Tyne region in the North East of England. 

Part-funded by the European Regional Development Fund (ERDF), the scheme aimed to stimulate sustainable business growth and create jobs. 

SMEs play a crucial role in the regional economy. However, many face challenges when it comes to securing funds for growth, especially for capital investment projects that involve upfront costs but promise long-term returns. 

In response to this, the NTGF was established to provide grant support to SMEs in Northumberland, North Tyneside, and Newcastle local authority areas. The fund was aimed at capital investment projects that showcased potential for both growth and job creation.

The scheme ran from January 2020, coming to an end in August 2023 and was an overall success. Through its support of many SMEs with both funding and advice, the NTGF generated wealth for the wider North East, as well as helping achieve individual growth goals. 

Over its duration, £3.05m worth of grants were distributed to 21 businesses, supporting 24 different projects, averaging at £127k per project. A “staggering” amount of investment provides a much-needed financial injection to recipient businesses, allowing them to achieve their ambitious plans with a reduced risk to them. 

Funding was used for a variety of reasons ranging from a complete and brand-new facility to a singular CNC machine. Despite the apparent differences in scale of investments, all had a profound impact on companies’ growth in terms of workload capacity, revenue, and employment. 

On this front, the scheme surpassed its job creation aims, succeeding in creating 592 new jobs as a result of funding, more than double its original target. Combined with private sector investment also exceeding expectations, totalling £13.8m by the scheme's end, the benefit to the North East economy is clear. 

Nicki Clark OBE, Chief Executive of UMi, commented: “The results of the fund speak for themselves and is thanks to the tireless efforts of everyone involved, especially the businesses we’ve supported. 

“The North of Tyne is a great place to do business and the support provided by UMi on behalf of the fund demonstrates  the strength in working in partnership to deliver for the region and beyond.”

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