A £10m fund has been launched by Tees Valley Unlimited to help companies bid for work to further strengthen the local economy.
The Tees Valley Catalyst Fund is the first of its kind anywhere in the UK and is uniquely available to Tees Valley companies and projects.
It will enable firms to bid for contracts larger than they can at present, opening up new markets and opportunities.
The fund, which is backed by the Regional Growth Fund, will provide security for performance bond guarantees. Performance bonds provide a financial guarantee to a contractor that a supplier will deliver on time and to standard.
It comes as Tees Valley Unlimited has been granted £173m European Structural funding to galvansise employment and infrastructure programmes.
Companies interested in the Tees Valley Catalyst Fund can meet with advisors at the Tees Valley Business Summit at Teesside University on 4 July or by visiting www.fwcapital.co.uk/catalystfund