Tees Valley is an area offering immense possibilities for growth and success. There are also numerous financial incentive schemes available to help companies move to the area. These currently include:
A £1.8 million Regional Growth Fund programme that provides grant support for capital investment and R&D projects that will create new sustainable jobs. Grants are offered from £10,000 and over.
This scheme offers non-public sector businesses a wage subsidy of up to 50% towards the first year costs of a new job to take on trainees, apprentices or graduates of any age, providing the posts increase staff numbers and can be sustained for a minimum of two years.
This fund, which is part of the Regional Growth Fund, provides security for performance bond guarantees and helps companies bid for new contracts by providing short-term debt investments from £100,000 to £2 million.
This £125 million programme is designed to drive future economic growth in North East England. The funds provide investment to fast-growing small to medium enterprises (SMEs) and increase business enterprise and SME development in the region.
Similar to the Tees Valley Business Growth Investment Scheme, Let’s Grow is a £60 million scheme grant providing up to £200,000 of support for business expansion, rationalisation, modernisation and diversification. It is designed to help firms expand their operations or to set up new establishments in the region.
This zone is made up of 12 individual sites with a total area of 423.8 hectares. The sites include both new and established business and enterprise parks, plus large cleared industrial sites with access to utilities, port services and logistics. On each site businesses are able to benefit from tax relief and simplified planning regimes.