Grants and funding in the North East have really never been better. There are currently several valuable schemes available to businesses in the North East and Tees Valley region which are aiming to drive the local economy forward.
These schemes have been introduced to help boost the region’s businesses, allowing them to fund expansion projects, make new asset acquisitions, hire new employees, purchase new equipment, export abroad or fill gaps in working capital.
The three key options available to SME’s looking for grants and funding in the North East are as follows:
Jeremie 2 funding
- £145m of European funding
- Offers different equity and investment loans to speed up local business growth, investment, and job creation in North East
- Aimed at funding new and existing fast-growing businesses across a diverse range of sectors
- Estimated that Jeremie 2 will support 600 businesses, create 2,500 jobs with an extra 1,000 jobs over the lifetime of the funding
- Branded as part of the northern powerhouse, but a separate pot of cash controlled by the North East LEP
Northern Powerhouse Funding
- £400m of funding available in the North
- Operating in areas North West, Yorkshire & the Humber and Tees Valley
- Separate funding organised by North East Local Enterprise Partnership (LEP)
- Directed at entrepreneurs, start-ups and SMEs (less than 250 employees, annual turnover less £40m and balance sheet not exceeding £34.5m)
- Offers loans ranging from £25,000 to £2million to helps SMEs start-up and scale-up
Tees Valley Grant Scheme
- £7million of grants available to companies in the Tees Valley region
- Grants are available for capital investment projects which are designed to expand or diversify the business, leading to sustainable growth and the creation or safeguarding of jobs
- The previous cap on the size of each grant has been lifted making it a lot more attractive to businesses
How can Haines Watts help you with grants and funding in the North East?
At Haines Watts, we have vast experience applying for grants and funding, which is an invaluable asset when making an application. It allows you to have a third-party perspective to evaluate and comprehensively assess whether you’re eligible, dramatically improving the chance of your application being successful. We are well versed in the procedures and processes of making an application and, as a result, we know exactly how to present your business so it gets the right approval.
Moreover, the application process for any form of grant or funding can be incredibly time-consuming. We take the bulk of the process off your hands, allowing you to focus on the day-to-day running of your business.
Ultimately, our independent advice can enable you to secure backing from the right financiers, who in the long-run add more than just cash, but also bring significant industry expertise.
If you’re a business owner in the North East looking to start-up, scale-up or stay ahead with the support of government-backed grants or funding, then get in touch with me directly on firstname.lastname@example.org.
Want to know more? Call us on 0191 2699 960 or email email@example.com