North Of Tyne Growth Fund
The North of Tyne Growth Fund is a £4.6m programme of investment part-funded by ERDF that supports SME growth.
Who can apply to this grant?
- SME's with an annual turnover less than £42m or an annual balance sheet less than £36m.
- A business with existing operations in the North of Tyne area.
- Be eligible to receive European Regional Development Funding (ERDF).
- Planning an eligible project.
- Planning an investment involving eligible expenditure of at least £67,000 to expand existing operations in the North of Tyne area or establish new operations in the area, leading to the creation of additional employment.
- Planning to create additional employment commensurate with the level of grant awarded.
- Able to finance the balance of the investment cost, as the grant cannot finance more than 30% of the eligible cost. Small companies may apply for up to 30% of their eligible expenditure and medium-sized companies up to 20%, in accordance with the state aid regulations. The grant must be the minimum necessary for the investment to go ahead.
- Able to complete the investment, including incurring and defraying enough eligible expenditure, by 31st October 2022.
- Able to achieve the agreed increase in employment by 31st March 2023.
- Able to maintain the additional productive capacity created by the investment for a minimum of 5 years following the completion of the investment and:
where the grant is used to purchase premises, these must be retained for a minimum of 15 years;
capital works on a site owned by the grantee must also be maintained for a minimum of 15 years;
where the grant is used to acquire premises under a lease, these must be retained for a minimum of 5 years;
capital works on a leased site must be maintained for a minimum of 10 years;
plant, machinery and all other tangible assets must be maintained for a minimum of 5 years
- Able to maintain the employment created by the investment for a minimum of 3 years following the creation of the posts.
Able to show that the investment would not lead to the displacement of economic activity or employment in other businesses in the area.
For more information click: Here
To apply, click: Here