Economic development chiefs are urging local companies to cash in on a grant scheme aimed at creating new jobs.
Tees Valley Business Compass has secured additional budget through the Local Growth Fund to deliver the Tees Valley Business Growth Investment Scheme.
Business Compass is a partnership between Tees Valley Unlimited (TVU), the five Tees Valley local authorities in Hartlepool, Darlington, Redcar and Cleveland, Middlesbrough, and Stockton-on-Tees, and a number of other public and private sector bodies.
The scheme offers grant support of between £10,000 and £50,000 to companies with fewer than 250 staff.
Councillor Kevin Cranney, chair of Hartlepool Borough Council’s Regeneration Services Policy Committee, said: “It is so important, particularly during the current, tough economic climate; to provide every bit of support we can to help local businesses.
“This is a tremendous scheme which offers significant grant support for companies that are in a position to create a small number of additional jobs.
“I urge local firms to find out more about the scheme and to consider applying if they are eligible to do so.”
Stephen Catchpole, managing director of TVU, added: “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 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 December 31, 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.
Companies interested in finding out more can contact the council’s Economic Development Team on (01429) 867677 or email firstname.lastname@example.org
Alternatively, contact Tees Valley Business Compass on 0300 456 3565 or visit www.teesbusinesscompass.co.uk/