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UK Steel Enterprise is launching £4m grant fund
UK Steel Enterprise is launching a new £4m fund to back growing companies in the North-East.
Businesses across the Tees Valley and Derwentside can apply for cash which covers traditional steelmaking areas in England and is supported by £1.2m from the government’s Regional Growth Fund (RGF) programme.
The Access to Finance scheme will provide grants alongside loan and equity finance provided by UK Steel Enterprise to help local companies grow and create jobs.
Simon Hamilton of UK Steel Enterprise said, “This is a real boost for companies with genuine growth prospects and will enable us to provide a package of business finance products which could include grant funding, business loans and equity based development capital. We would like to hear from any company considering proposals that will create sustainable jobs.”
The grant funding element will be available to part finance eligible expenditure, which includes capital investment in plant and equipment, and applicants must demonstrate the creation of sustainable jobs as a result of the project. The amount available will vary depending on location, the nature of the project and the number of jobs being created, but it could be up to 35 per cent of eligible expenditure.
For further details, please contact UK Steel Enterprise on 01642 777888.
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