Mayor Jamie Driscoll has announced £19.75 million for business in the North of Tyne.
Cash will be used to support business growth and innovation, boost rural economies, and bring new investment to Newcastle, Northumberland and North Tyneside.
This sum is part funded by the European Regional Development Fund (ERDF) and will unlock a further £20m in private investment.
Support for businesses is available now: https://www.northeastgrowthhub.co.uk/
“This money will help the North of Tyne business community in three different ways,” Mayor Driscoll said.
“There’s money for firms wanting to expand or try new things and which need the support to do so.
“There’s money for foreign or UK owned businesses who want to make their first investment in the region.
“And there’s money to help rural businesses scale up and to provide the business advice and support they need to do so.”
Working together, the North of Tyne Combined Authority (NTCA), the business community and the three local authorities of Northumberland County Council, North Tyneside Council and Newcastle City Council will transform the fortunes of the North East, Mayor Driscoll said.
“It’s great that we’ve been able to work together to draw down these ERDF funds and make an offer to business that will result in real growth and jobs,” he said.
“Any business will tell you that you won’t get far without a bit of bravery and ambition.
“I’m proud to back that bravery and ambition with this money.”
The NTCA offer will complement business support already provided in Newcastle, North Tyneside and Northumberland and is promoted through the North East Growth Hub, which links local and national business support: https://www.northeastgrowthhub.co.uk/
North of Tyne cabinet member for Economic Growth Cllr Bruce Pickard said: “Support for business is key to the North of Tyne devolution deal.
“We’re committed to seeking ways to unlock potential, create conditions for businesses to flourish, nurture investment, and support long term opportunities for growth.
“This money will support both existing businesses and inward development.
“We’re working closely with our partners to ensure it complements existing support available in Newcastle, North Tyneside, and Northumberland.”
Leader of Northumberland County Council Peter Jackson said: “This is excellent news for businesses in rural areas, which can face unique challenges compared to their urban counterparts in areas like connectivity and physical geography.
“This funding will address the scale up challenges faced by our businesses with growth potential in rural areas, supporting them to access suitable finance products, enabling growth and maximising opportunities.
“The scheme will help drive increased productivity and business performance, encouraging more overseas trading and incentivising business innovation in the county.”
Cllr Nick Forbes, Cabinet member for business competitiveness, said: “Businesses are the building blocks of a strong economy.
“This major investment will make a huge difference to small and medium-sized businesses with ambitions to create and find new markets.
“We need more start-up businesses if we are to successfully grow our economy and ensure all our communities are given fair access to the new opportunities.
“I look forward to the release of this funding, and urge businesses with bright ideas to come forward and apply.”
The primary aim of the North of Tyne Growth Fund is to support investment into the NTCA area that will create employment and stimulate business growth. It will foster innovative processes to drive productivity, resulting in increased profitability, wage growth and employment growth in SME’s, strengthening our economy and creating better jobs.
The North of Tyne Rural Business Growth Investment Fund will help address the scale up challenges faced by businesses with growth potential in rural area, supporting them to access suitable finance products, enabling growth and maximising opportunities. It will help drive increased productivity and business performance, encouraging more overseas trading and incentivising business innovation.
European Regional Development Fund
The project North of Tyne Growth Fund has received £4,640,938 and the project North of Tyne Rural Business Growth Investment Fund has received £3,477,345 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.
The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund.
Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
North of Tyne Support for Businesses
Supporting business is central to the North of Tyne’s devolution deal.
We are committed to seeking ways to unlock potential, create conditions for businesses to flourish, nurture investment and support long-term opportunities for growth, creating jobs that reflect a transforming economy.
While our offer to businesses continues to evolve, so far we have brought forward an exciting coordinated package of support for both existing businesses and inward investment.
We are working closely with our partners ensuring our offer complements existing business support available across Newcastle, North Tyneside and Northumberland.
This is promoted through the North East Growth Hub which joins up national and local business support in the North East: https://www.northeastgrowthhub.co.uk/
How to apply for business support:
Are you a business looking to make a first investment in Newcastle, North Tyneside or Northumberland? We have £10m available to support businesses looking to invest and create jobs and may be able to contribute to up to 10% of your costs.
Grants are available between £100,000 up to a maximum of £1million for foreign or UK owned businesses making a first investment in the area.
If you are a business looking to invest, please contact one of our inward investment teams:
North Tyneside https://investnorthtyneside.co.uk/
Support for SMEs
Are you a small or medium enterprise based in Newcastle, North Tyneside or Northumberland with exciting plans to grow your business?
Support is available for business growth and fostering innovative processes which will drive productivity resulting in increased profitability, wage growth and employment growth in SMEs.
We aim to assist SMEs with their growth plans ensuring they are viable, create new jobs and deliver results.
Grants are available through our delivery partner UMi to contribute towards the total cost, these start from £40,000 (requiring a minimum total investment of £200k for a medium and £134k for a small business).
Businesses seeking support will need to demonstrate that financial assistance is required for the investment to progress.
Applications are welcome from the 2nd January 2020, www.northoftynegrowthfund.co.uk, 0191 716 1007 for further details.
This project is part funded by the European Regional Development Programme 2014-2020.
Support for Rural businesses
We recognise that businesses have different needs and that challenges can vary depending on your geographical location.
In order to support economic growth in rural economies and the economic rebalancing of rural communities the North of Tyne has established a bespoke offer designed for Rural Businesses.
The Rural Business offer is delivered by Advance Northumberland and has two linked components:
Business Advice and Support Services to support the development of growth plans and guide businesses towards appropriate sources of finance.
A Capital Grant Investment Fund to support investment in projects that enable rural businesses to expand productive capacity and / or diversify into new markets or products.
Through this offer we will help address the scale up challenges faced by businesses with growth potential in rural area, supporting them to access suitable finance products, enabling growth and maximising opportunities.
The scheme will help drive increased productivity and business performance, encouraging more overseas trading and incentivising business innovation.
If you want to find out more, please contact Katy McIntosh on 01670 528 489 or email@example.com
This project is part funded by the European Regional Development Programme 2014-2020.