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Tees Valley Unlimited makes £4m available for new projects
A £4M scheme has been launched to kick start developments and boost the North-East economy.
The Growing Places programme, from local enterprise partnership, Tees Valley Unlimited (TVU), is available to businesses, private developers and partner enterprises.
Stephen Catchpole, managing director of TVU said loans would be given to developers who want to buy, build or enhance an existing building to house a business and support jobs, or to people looking to develop land for future investment.
He said: “It is a significant pot of money to help ready Tees Valley for growth and we want to ensure Growing Places has a lasting effect on our economy.
“Projects must be ready to go with clear business plans and the relevant planning permissions in place, this will lead to a quick return on the investment which can be reallocated into subsequent projects.
“We know access to finance is a major hurdle in today’s tough economic climate and believe Growing Places could be a constructive route in making things happen.”
Applications must be submitted by April 30.