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Businesses encouraged to apply for a share of £40m
A TEES Valley development chief has urged businesses not to miss out on a share of £40m.
About 50 members of the Redcar and Cleveland Business Forum gathered at the Palace Hub, Redcar, on Tuesday (August 20) where they heard how they might benefit from two Regional Growth Fund programmes - the Tees Valley Catalyst Fund and the Let’s Grow Programme.
The £10m Catalyst Fund - backed by the Government - has been launched by Tees Valley Unlimited to help companies win contracts they might otherwise not secure.
It’s the first project of its kind in the UK and is aimed at helping companies in the region compete against industry giants for larger projects, allowing them to tap into new markets and take advantage of new opportunities.
Mr Kenley said: “This fund, launched just last month, will allow private sector companies in Tees Valley to bid for significant contracts that will enable them to grow and create jobs.
He told the Business Forum: “Tees Valley Unlimited, along with organisations like the Redcar and Cleveland Enterprise Team, is firmly committed to helping local firms achieve business growth and the Catalyst Fund is just one example of how that is happening.”
The Let’s Grow Programme provides grant support from £50,000 to £1m for capital investment or research and development projects that create or safeguard jobs in the region.
Michael Goodchild from Fudge Fancies, a member of the Redcar and Cleveland Business Forum and a company on the verge of expansion, said: “I welcome any help available, especially if it means businesses like mine can take the next step.
“As a small business that’s only been in existence for three years we’ve found that often the larger contracts feel out of reach because of the financial hurdles.
“Any funding help means we are in a better position to overcome those challenges and secure the contracts that will see us expand and take on more staff.”
The Catalyst Fund will provide security for performance bond guarantees, which provide a financial guarantee that a supplier will deliver on time and to standard.
It gives small and medium-sized businesses the clout they need to compete against industry giants - many established businesses have the capacity and technical know-how to secure new contracts but the financial guarantees that are required saw many fall at the first hurdle.
It’s believed the fund will help unlock almost £700m of additional contracts, and support around 1,440 jobs in the region over the next ten years.
For more information on how the Redcar Enterprise Team can help you grow your business go to www.theenterpriseteam.co.uk or call 01642 495707.
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