The SSI Task Force has secured £80 million of government funding in response to the closure of the steelworks in Redcar.
A number of new funds have been designed to support companies and individuals affected by the closure, plus a grant scheme available for other Tees Valley companies who can demonstrate local growth and expansion opportunities.
Support for Business
The Capital Grant Scheme aims to support all supply chain companies nationwide affected by the closure of SSI plus most manufacturing and service sector companies (offering more than a local service) based in Tees Valley.
The scheme provides grant support for capital investment projects that will create new, sustainable jobs in Tees Valley. Grant support is available for business expansion and diversification and is designed to help firms to expand their operations or to set up new establishments in the region.
Grants are available to businesses of all sizes, with higher levels of support available to SMEs.Projects must meet the eligibility criteria of the program and are also judged on their levels of impact and value for money.
Grants of £10,000 upwards are available and the levels of support offered in each case will be determined by factors including the type of expenditure involved, the size of the company and the level of job creation.
To be successful, applications must:
- Create or safeguard sustainable jobs within the applicant company
- Offer good value for money in terms of value of grant per job created
- Make a clear case for needing grant support
- Have adequate private sector funding for the project
- Comply with State Aid regulation
There is a separate application process for grants over £50,000 which includes enhanced due diligence and utilises Regional Investment Aid as its state aid measure.
Grants under £50,000 may be issued under de minimis guidelines.For more information on how to apply for funding contact 01642 939386 or click here.
Support for Individuals
SSI Task Force Business Advice – Start Up Fund
This Fund offers former SSI workers and supply chain workers affected by the closure of SSI advice on starting their own business. There is also a grant scheme which could provide a start-up grant of up to £10,000 to help make a business a real opportunity.
To access support contact the North East Enterprise Agency Limited (NEEAL) on 0191 516 6093.