Support is available for businesses looking to expand or establish new operations in South Tyneside. The Growth Fund is a £4.5m programme of investment part-funded by ERDF that supports SME growth.
You could be eligible for a grant of up to 30% of expenditure, if you are a small or medium size business and planning capital investment of at least £134,000.
What types of expenditure are eligible?
Eligible expenditure may include any of the following items:
- Land and buildings (land costs cannot exceed 10% of the total eligible investment cost, and professional fees should not exceed 12.5% of the total eligible works cost).
- Premises lease costs.
- Premises fit-out costs.
- Plant, machinery and other capital equipment.
- Revenue costs directly associated with a capital investment, where eligible under ERDF rules (e.g. professional fees, installation costs etc.)
The minimum grant that may be applied for is £40,000 and the maximum will normally be £200,000, unless the applicant can demonstrate that the project would create exceptional impact.
For more information on eligibility visit The Growth Fund website.
