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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;
  • 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.

About the Author

Martin Johnson Image

Martin Johnson

Partner
With expertise in advising family-owned companies on a range of tax, accountancy and business issues, Martin also has an in-depth knowledge of the automotive and property sectors. In addition, he provides advice on inheritance tax planning and financial management to owner-managed businesses.  Martin leads the firm in developing its expertise in the buy-to-let sector, advising both residential and commercial property owners on relevant tax and legislation issues. A further element to Martin’s role is to build Torgersens’ relationships with banks, financial advisors and specialists in commercial and employment law to ensure that the firm’s clients have access to market-leading guidance.  

To get in touch please e-mail martin.johnson@torgersens.com.

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