Businesses in the Tees Valley were today urged to apply for a share of a new grant scheme aimed at creating jobs.
Tees Valley Business Compass has secured additional budget through the Local Growth Fund to deliver the Tees Valley Business Growth Investment Scheme.
The scheme offers grant support of between £10,000 and £50,000 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 £33,000 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 £60,000 on new equipment could receive up to £18,000 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.”
Successful applicants will be required to pay a fee of 5% of the grant amount upon acceptance.
Companies interested in finding out more are invited to contact Tees Valley Business Compass on 0300 456 3565 or visit www.teesbusinesscompass.co.uk/