Exciting news for businesses in South Tyneside! A new grant scheme has been unveiled by South Tyneside Council to bolster inward investment and foster the growth of businesses within our community. Here’s what you need to know:
Capital Funding for Growth: This scheme offers capital funding to support various aspects of business development, including:
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- Land development for employment purposes
- Improvement of existing premises in the borough
- Introduction of new technologies or processes
- Launching of products/services to new markets
- Adoption of new or improved products/services
Link to Local Job Creation: Grant support will be directly tied to local job creation and apprenticeship opportunities for South Tyneside residents, ensuring that the benefits are felt within our community.
Grant Amounts: Grants typically range from £20,000 to £50,000. However, projects demonstrating exceptional impact may qualify for higher amounts.
Funding Coverage: The grant will cover up to 30% of eligible costs, depending on the size of the business. Businesses are required to finance the remaining investment balance.
Eligible Expenditure: Eligible expenses may include:
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- Land and buildings (with specific limitations on land costs)
- Premises lease and fit-out costs
- Plant, machinery, and other capital equipment
- Revenue costs directly associated with a capital investment
For detailed eligibility criteria and further information, please visit: South Tyneside Business Growth Grant Scheme
Note: With funds being limited, strict eligibility criteria will be enforced, and grants will be awarded on a first-come, first-served basis. To express your interest in the scheme, simply email: business@southtyneside.gov.uk
This project is funded by the UK government through the UK Shared Prosperity Fund (part of the Levelling Up agenda) and provides £2.6 billion of funding for local investment by March 2025. The fund aims to uplift communities, support local businesses, and enhance life opportunities across the UK.
Don’t miss out on this incredible opportunity to fuel the growth of your business and contribute to the prosperity of South Tyneside! Full information can be found at Invest South Tyneside
If you’d like to discuss this or any other business needs you may have, then please get in touch contact us.