What is the North of Tyne Growth Fund?
The North of Tyne Growth Fund is a project that aims to support SMEs across Northumberland, North Tyneside and Newcastle local authority areas to create employment and stimulate business growth. The project has been awarded £4.6m from the European Regional Development Fund Programme and will leverage £10.5m of private sector investment. Delivered by NTC in partnership with UMi, the primary aim of the fund is to create employment and stimulate business growth. It is part of a multi-million package of business support mobilised by North of Tyne Combined Authority.
The North of Tyne Growth Fund panel has been assembled to review applications and award funds to small and medium-sized enterprises (SMEs) based in the region. Public and private sector professionals will work together on the panel to ensure funding is awarded appropriately, best suiting the needs of the people and businesses in the North of Tyne area. Grants from £20,000 to £200,000 are available from the North of Tyne Business Growth Fund to businesses looking to grow in Northumberland, Newcastle and North Tyneside.
Is your business eligible for the grant?
You could be eligible for a grant of up to 30% of expenditure (up to a maximum grant amount of £200,000), if you are:
- A small or medium size business
- Planning capital investment of at least £67,000
- Expanding or establishing in Newcastle, North Tyneside or Northumberland.
Excluded sectors: Agriculture, fishery/aquaculture, retail (business to consumer), banking, insurance, tobacco products, nuclear power, businesses in financial difficulty.
Excluded projects: child minding, nursing, social welfare, sports facilities, house building or renovation, any activity supplementing public services such as education.
To do so the Rural Business Growth Service has three clear objectives:
- To support rural businesses with growth potential and ambition to develop and implement business growth plans.
- Develop a more diverse business base by supporting rural businesses to grow, creating new employment opportunities and increasing productivity.
- Stimulate investment in the growth of existing private sector rural businesses.
