The Growth Fund is a £4.5m programme part-funded by the European Regional Development Fund that’s aimed at supporting SMEs who are investing for growth across the Gateshead, South Tyneside, and Sunderland local authorities.
The Growth Fund will, it is hoped, attract £10.5m of private sector investment and create a minimum of 252 new jobs.
Eligibility
There is a range of eligibility criteria outlined in the Eligibility Guide here. If the conditions are met, then businesses could receive a grant of up to 30% of the expenditure being made. In summary, the following criteria must apply, noting that there are some exceptions, as outlined in the Guide:
A small or medium sized business that is;
- planning capital investment of at least £134,000 on any of the following:
- Land and buildings (land costs cannot exceed 10% of the total eligible
investment cost, and professional fees should not exceed 12.5% of the total eligible works cost) - Premises lease costs
- Premises fit-out costs
- Plant, machinery, and other capital equipment
- Revenue costs directly associated with a capital investment, where eligible under ERDF rules (e.g. professional fees, installation costs etc.) and is;
- Land and buildings (land costs cannot exceed 10% of the total eligible
- expanding or establishing new operations in Gateshead, South Tyneside, or Sunderland
How to apply
If you are interested in applying, an enquiry form can be found on The Growth Fund’s website here.
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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