Tees Valley business fund creates hundreds of jobs

Tees Valley business fund helps to create hundreds of jobs for local workers

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A regional business support initiative has helped companies create or safeguard over 650 jobs, with further investments expected to boost employment figures.

By The Tees Editorial Desk · 4 November 2020

Tees Valley business support graphic Image: Image: Tees Valley Combined AuthorityOriginal source

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The Tees Valley Business Fund has supported the creation and protection of 652 jobs to date, according to figures released by the . The £35 million support service, which includes £20 million in capital grants, is designed to help local firms start, grow, and employ more staff.

So far, £6 million in grants has been approved for 12 companies, which has helped leverage £41 million in private sector investment. This initial support has led to 427 new roles and the of 225 existing positions. A further 10 companies are currently in the process of applying for grants, which is to generate an additional 505 jobs.

The is part of a broader package of regional business support launched earlier this year. This includes the Welcome Back Fund and the Back to Business Fund, both established to assist local companies with reopening and accessing professional advice following the first national lockdown.

The Back to Business scheme was supported by £928,000 from the European Regional Development Fund. Businesses seeking further guidance on support can contact the regional business support helpline.

Archive : This story is based on reporting originally published by Tees Valley Combined Authority on 2020-11-04. The original source image has been and credited.