Tees Valley Combined Authority has welcomed changes to business support that improve the levels of funding than can be provided to companies investing in the Tees Valley.
The Tees Valley had been designated as an Assisted Area ‘A’ by the European Commission in agreement with the UK Government. This means an enhanced level of support can now be made available for eligible businesses companies undertaking investment projects which will lead to sustainable growth and the creation of new employment.
The area has already seen significant investment over the last year with the combined authority’s Business Investment Team supporting 60 companies, which have invested more than £300 million in Tees Valley and which will create or secure 600 jobs.
Paul Booth, Chair of Tees Valley Local Enterprise Partnership and Member of Tees Valley Combined Authority, said: “Our Business Investment Team has a strong pipeline of enquiries and is working with a number of new companies interested in making major investments in the area.
“Projects already underway include MGT Power in Redcar, and the announcements by Sirius Minerals and Peak Resources to establish mineral processing plants in the region. These three projects alone represent over £1 billion of new investment and demonstrate the confidence companies have in Tees Valley.
“The expansion of the Assisted Area and upgrade to the amount of business support permitted is welcomed and has the potential to further increase new investment in the Tees Valley, create jobs and build on the area’s economic ambitions.”
This welcomed news follows the significant European Regional Development Funding which has been secured by Tees Valley Combined Authority to deliver the Tees Valley Business Compass Service.
The funds will be used to support local small and medium sized businesses and Grant Schemes which are there to stimulate investment by businesses, helping them modernise, become more competitive and increase employment.
Businesses that want to find out more about the schemes available should visit www.teesbusinesscompass.co.uk or call 0300 456 3565.