£5.6m grants for firms to grow

CASH support could be on the way for businesses wanting to expand in the Tees Valley.

Regeneration group Tees Valley Unlimited (TVU) is calling for applications from local developers wanting to secure financial support to help deliver much needed economic growth.

Finance of £5.6m is available under the Government’s Growing Places Fund, for projects that will generate jobs or housing by removing immediate barriers to growth.

TVU’s Director of Policy and Strategy Linda Edworthy said: “We are looking to use the fund to address key obstacles that have stalled development. These may be infrastructure or site constraints or perhaps a lack of available buildings or assets which when addressed will help generate growth.”

Proposals must be submitted via an application form on the TVU website.

The applications will be assessed and the decisions will be announced by the end of March this year.

Linda added: “This is the start of an approach which will see local decisions made at local level. As such, submissions to this fund must be spent on capital projects and clearly guarantee repayment within the next two to three years to enable further reinvestment down the line.”

The closing date for applications is Friday, January 27.

To request a hard copy of the application form or to discuss criteria guidelines, contact TVU’s Business & Investment Planning Manager, Heather Heward on (01642) 524400.