Supporting Local Business

Invested £13m in Supporting Local Business

Garry Smith, of Parlour Furniture Mobile Garry Smith, of Parlour Furniture

As the Lead Authority for UKSPF in Tees Valley, Tees Valley Combined Authority allocated £13m for investment in Supporting Local Business from the wider £46.3m UK government’s Shared Prosperity Fund (UKSPF) package awarded to the region between 2022 and 2025.

Read on to find out more about our approach and the impact on the area.

 

Key Objectives

Our Approach

A strategic and evidenced based approach to prioritisation and activity was taken to inform where we should we target our investment. 

The UKSPF Evidence Base sets out the challenges and opportunities that informed the prioritisation of funding under the three UKSPF investment priorities, including Supporting Local Business. 

The evidence base identified that Tees Valley performs below the national average on business density and the challenges for the region included supporting the creation, scale-up and growth of businesses to redress the imbalance. 

However, Tees Valley is an area of significant opportunity, a strong platform on which to build and deliver economic growth and the evidence base identified that although the region is relatively small, we have economic assets of national significance and a number of sectors with high productivity and above national sector productivity rates. 

Funding was targeted where it would have the biggest impact in the 3-year delivery period. Our approach was to invest where there were gaps in activity alongside enhancing, adding value and complementing other funding sources, but where it would not duplicate or displace existing provision.

 

Case Studies

Tees Valley Net Zero

Overview: Tees Valley Net Zero supports the development of Net Zero strategies. It sees support provided every step of the way, with Net Zero Advisors and Technical Specialists on hand with online and in-person Net Zero consultations. Access to information is available 24/7 through a suite of online tools and resources, including access to a new web- based tool that will generate a Carbon Reduction Plan. To support implementing recommendations once their Carbon Reduction Plan is in place, businesses are also eligible to apply for grant support up to £2k to make adopt new processes and technologies. 

The programme has: 

  • Supported 670 business supported 
  • Seen 97% of firms improved energy efficiency 
  • Seen £95,000 value of CO₂e saved 
  • Helped 92% of firms reduced their energy cost 

Examples include: 

  • Parlour Furniture - which cut energy and heating costs for owner Garry Smith through tailored support.

Tees Valley Labs

Overview: Tees Valley Labs is an extensive business support programme designed to enhance business growth and innovation in Tees Valley. Two programmes support entrepreneurs, start-ups, and scale-ups, equipping them with essential resources, mentorship, and grant access. The Stable was a 6-month incubator programme for businesses in early ideation to market traction. Access for up to £28,000 in grant funding was available. The Forge was a 12-week accelerator programme supporting businesses transitioning from revenue generation to major investment. This provided access to a funding pot of £1.5m. 

The programme has:  

  • Seen nine business accessed support totalling £252,000 in Cohort one of The Stable Programme 
  • A further 11 businesses received a combined £310,000 of support through Cohort two of The Stable  
  • No fewer than 12 businesses were supported with a combined £1,060,000 through The Forge programme 

Examples include: 

  • Seer – A Teesside-based AI company which has seen a multi-national takeover since taking part in the Forge programme through Tees Valley Labs. 
  • OptiMeTeesside workplace wellbeing software firm creating 10 new jobs and growing its business on the back of more than £100,000 of grant funding and a raft of support secured during the Tees Valley Labs programme.

Tees Valley Supply Chain

Overview: Tees Valley Supply Chain supports companies to prepare and engage with regional, national and global supply chains, including service and product opportunities. It includes access to an exciting range of sector engagement and networking events, comprising Meet the Buyer and Developer sessions, supply chain villages and surgeries. Dedicated workshops and support from specialist advisors helped to address identified capacity building needs, allowing businesses to target growth within existing or new supply chains. The programme was delivered in collaboration with local and national support networks, sector and trade organisations. 

The programme has: 

  • Through RTC North – seen 177 businesses receive support. 
  • Created 25 jobs 
  • Safeguarded 37 jobs 
  • Helped 30 businesses engage in new markets  
  • Helped 43 firms adapt to new technologies and processes 
  • Helped in the formation of three new businesses. 

Examples include: 

  • MTP Gas – A Middlesbrough gas company which took on two apprentices and have now picked up new clients and nationwide work from events as part of the programme.
  • GB Belting – A Thornaby-based company which has passed on expertise and picked up new clients less than a mile from their base thanks to the programme – and allowed the firm to put together a fresh business plan to take on a new market. 

To see our full list of delivery providers from the period, go here.

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