Small businesses have been urged to apply for grants available for just a short time longer from the North of Tyne Combined Authority (NTCA).
Any small or medium sized business planning a project worth £67,000 or upwards could gain financial help from the £4.6m North of Tyne Business Growth Fund, supported by the European Regional Development Fund (ERDF). Already 20 businesses in Newcastle, North Tyneside and Northumberland have gained cash to grow. But the deadline for applications is approaching fast, which means any business thinking of investing should apply now.
Growth fund project advisor Brent Smithson said: “If you have any growth aspirations for your business, get in touch. We’re looking for any business that is looking to grow, any business that is looking to take on new staff as part of that growth, manufacturing businesses, businesses that are ethical, that are environmentally friendly, businesses that are looking to take on a project that’s going to encapsulate capital assets to purchase. This is ERDF funding for business growth but it is going to run out soon, so act now.”
Elected Metro Mayor for the North of Tyne, Jamie Driscoll, said: “Small businesses are the lifeblood of our local economy, but it’s by no means easy for them. We want our small enterprises to succeed. That’s why we run targeted, effective programmes – like this fund – for them. We’ve already supported plenty of companies to take the next steps, grow, and create new jobs. Don’t miss out: maybe we can help yours too?”
Grants from £20,000 to £200,000 are available from the North of Tyne Business Growth Fund to businesses wishing to grow in the North of Tyne region.
Delivered by NTCA in partnership with UMi, the primary aim of the fund is to create employment and stimulate business growth. When complete, the Business Growth Fund Programme will have leveraged in an estimated £10.5m of private sector investment. It is part of a multi-million package of business support mobilised by NTCA. All successful grants applications are appraised by UNW LLP, an independent firm of chartered accountants and business advisers.
For more information visit: https://www.northoftynegrowthfund.co.uk/
About the European Regional Development Fund
The project has received £4,640,938 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