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