A subsidy is on offer for businesses which employ a graduate through the programme, which builds on Teesside University's Graduates for Business scheme.
Funded by the North East European Regional Development Fund (ERDF), the scheme offers employers a subsidy towards the graduate's salary for the first 12 weeks.
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Companies which retain the graduate after those initial 12 weeks can receive a further 12 weeks of subsidy funded by Redcar and Cleveland Borough Council.
This new programme is open to unemployed graduates of any university, as long as they live in the Redcar and Cleveland area. Graduates also receive support which includes interview tips, mock interviews, access to a specialist careers library and events.
The programme, which is open to small and medium sized enterprises in Redcar and Cleveland, is being piloted between September and December 2012.
Businesses can find out more from Mark Thorpe at firstname.lastname@example.org.