A new 拢3.5m funding pot has been announced to help support businesses across the North of Tyne, Gateshead and Sunderland.
Companies wanting to kickstart growth plans can apply to tap into a slice of the Business Growth Fund, which is offering grants from 拢20,000. The grants will support up to 30% of total eligible project costs and are managed in partnership by UMi and UNW LLP, as a successor to the Growth Fund and North of Tyne Growth Fund, which concluded this summer.
Funded by the North of Tyne Combined Authority, Gateshead Metropolitan Borough Council and Sunderland City Council through the 海角视频 Shared Prosperity Fund (海角视频SPF), the grants aim to accelerate business investment in technologies and processes that will improve productivity and encourage growth. To secure grants, companies will have to demonstrate that their projects will create new and better employment opportunities, increase productivity and profitability, and grow wages.
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The Business Growth Fund is open until December 2024 and forms a central pillar of the Government鈥檚 Levelling Up agenda, to improve the standard of living across the 海角视频 by investing in communities, supporting local businesses, people, and skills.
Dave Jones, project manager at UMi, said: 鈥淭he new Business Growth Fund builds on the legacy of the previous schemes, providing more accessible and substantial funding opportunities for businesses in the North of Tyne area, Gateshead, and Sunderland. With UMi鈥檚 involvement and an experienced management team, this scheme is a gateway to successful growth. I would encourage any company looking to grow through capital investment to get in touch with our team.鈥
It is expected that around 27 businesses from the region will benefit from funding. Coun Carl Johnson, NTCA Cabinet Member for Investment and Resources, said: 鈥淭his is an exciting prospect for businesses with ambitions to grow, and for us who want to see their plans succeed. We are committed to supporting businesses through periods of uncertainty and its programmes such as this that allow us to deliver and improve people鈥檚 lives. That鈥檚 why we鈥檙e here; to provide opportunities, create jobs and to put in place the right programmes to get our businesses and our people ready to grow and flourish when the time comes.鈥
Meanwhile, the Northumberland Small Business Service has unveiled a separate 拢2m capital grant programme designed to drive growth, resilience, and prosperity across the region. Also working with UMi, the NSBS Grant Investment Fund will off micro and small rural businesses capital grants ranging from 拢10,000 up to a maximum of 拢300,000.
