Last year South Tyneside Council was awarded funding from the UK government through the UKSPF which aims to ‘build pride in place and increase life chances across the UK’ as part of the Levelling Up agenda.
A grant scheme has now been launched to support inward investment and the growth of companies in South Tyneside. This will provide capital funding for:
- the development of land for employment use
- the improvement of existing premises in the borough
- the introduction of new technologies or processes
- launching of products services to new markets
- adopting new or improved products or services
Grant support will be linked to local job creation and apprenticeship opportunities for South Tyneside residents. Grants will typically be between £20,000 and £50,000, unless the applicant can demonstrate that the project would create exceptional impact.
The grant will provide funding of up to 30% of the eligible costs (depending on the size of the business) and businesses must be able to finance the balance of the investment.
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 (e.g. professional fees, installation costs etc.)
Full information about eligibility criteria and be found at: https://investsouthtyneside.com/business-support/south-tyneside-business-growth-grant-scheme/
As there are limited funds, there will be strict eligibility criteria and grants will be awarded on a first come, first served basis. To express an interest in the scheme please email business@southtyneside.gov.uk
This project is funded by the UK government through the UK Shared Prosperity Fund.
The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. For more information, visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
