Tees Valley Capital Grant scheme expansion

The Tees Valley Capital Grant scheme, which forms part of the Tees Valley Business Compass, and is administered by BE Group, has been expanded. Historically companies could obtain a maximum of £50k of grant support under De-Minimis aid. Now companies can seek support of over £50k using GBER aid measures – this means that there is no upper maximum limit – the actual limit determined by size of entity, aid measure used, location of project and employment outputs. The scheme requires employment outputs to be generated from any grant funding, with grant support of c£10k per job created / safeguarded being a reasonable guideline. The changes mean that large company’s now may be able to access support, with several GBER aid measures potentially available to support expansion within these firms.

http://www.be-group.co.uk/services/commercial-development-programmes/tvbss/

Businesses based in the Tees Valley can now benefit from enhanced grant support. The Tees Valley Capital Grant scheme, which forms part of the Tees Valley Business Compass, is now able to offer support above the previous £50,000 upper limit. Additionally the scheme is now able to support the investment programmes of large companies (>250 employees) in some circumstances.

Businesses may now be able to benefit from grant support of up to 30% of eligible project costs, regardless of the size of the proposed investment.  The exact level of support available is dependent on the size and location of the applicant business and also the employment outputs that the project will deliver.

In order to qualify you must be planning on spending a minimum of £33,000 on a single project, which can be delivered by 31 March 2018, and will result in the growth of the business, leading to the creation of new jobs and/or the safeguarding of existing roles.

 Qualifying expenditure includes:

·         land and buildings, including the purchase or lease of larger premises

·         premises extension and re-fit

·         plant, equipment and machinery and

·         in some circumstances the wage costs of new employees

To qualify the project must be located within the Tees Valley, in one of the following 5 local authority areas:

·         Darlington

·         Hartlepool

·         Middlesbrough

·         Redcar & Cleveland or

·         Stockton-on-Tees

Sector restrictions apply, with retail projects, including online retail, not eligible for support. Also businesses offering a localised service, or offering a business to consumer product or service, are also unlikely to be eligible.

Our grants advisory team offer expert support covering all aspects of the grant application process, from initial expression of interest to receipt of the final grant instalment. As the leading advisor on Let’s Grow North East, the predecessor large grant scheme covering the Tees Valley, with over 50 approved applications, our team have all of the experience necessary to help you deliver a successful application. If you are considering an application to the Tees Valley Capital Grant Scheme, or any other grant programme, please do not hesitate to contact our grants specialists Neville Baldry or Carl Wright for advice and guidance.