There are plenty of financial incentives and support for companies investing in Tees Valley, such as the Northern Powerhouse Investment Fund and the Tees Valley Capital Grant Scheme. Added to this are the financial incentives available on sites and premises through the seven Enterprise Zones, and the support available from the Tees Valley Combined Authority and our partners, all making it easy to invest and grow in Tees Valley
Direct Grant Support
The Tees Valley Grant scheme has supported Tees Valley businesses, particularly growing SMEs, with £5.2million of grant funding awarded since 2017. This has leveraged £32million of private sector investment and supported nearly 1,200 jobs across the region.
Looking to the future, we are currently working with a pipeline of new private sector investments across our priority sectors, with a combined capital investment of £3.5billion and supporting 9,700 new and existing jobs in Tees Valley.
We are committed to support the growth of SME businesses in the Tees Valley, to encourage both diversification and productivity improvements for competitive advantage and to best prepare to respond to emerging growth opportunities in both local and international supply chains.
Tees Valley Business is a£35million business support service, which includes a £20million Business Fund. The programme helps provide small and medium-sized businesses with a single point of contact to help them access advice and a range of support to help them grow.
Support is impartial and fully-funded, which means there is no cost to businesses.
Northern Powerhouse Investment Fund
Our allocation of £19.5million into the Northern Powerhouse Investment Fund is a strong sign of our commitment to leverage greater private sector investment into high growth SMEs in Tees Valley.
The NPIF provides more than £400million of funding for SMEs in the Northern Powerhouse area. The fund offers early and later-stage debt and equity finance to the SMEs. The fund can offer:
Capital Investment Support
Tees Valley is one of very few areas in the UK able to offer the highest level of support for new capital investment and expansion projects. Support can include Capital Investment Grants, Enhanced Capital Allowances, training and support for research and development.
Tees Valley Capital Grant Scheme
The purpose of the Tees Valley Capital Grant Scheme is to support the regional development of the Tees valley area. It may provide support to manufacturing and service sector businesses based in Tees Valley that offer more than a local service.
Grants are available for capital investment projects which are designed to expand or diversify the business, leading to sustainable growth and the creation or safeguarding of employment.
Grants are available for new inward investors as well as existing Tees Valley businesses, and can support SMEs or large business subject to the eligibility criteria and terms and conditions listed in the scheme guidelines available by clicking here.
Applicants must in all cases provide a convincing explanation of why a grant is required to enable the project which is the subject of the grant application to go ahead.
Please contact us for further information.
Contact us today to find out why you should invest in Tees Valley