Grants for companies affected by SSI closure on Teesside
12th November, 2015
Four new grants have been announced to help companies affected by the closure of the SSI steel plant in Redcar.
What grants are available?
Two new grants for Teesside companies and two new grants for national companies have been announced.
They are as follows:
1. SSI Supply Chain Working Capital
This is a working capital grant of up to 200,000 Euros (approximately £142,100) and is available for companies which can demonstrate an impact due to the SSI announcement such as bad debts or working capital stress. It is available to SSI supply chain companies nationwide.
2. Capital investment
This is a 50% grant against capital investment of up to 200,000 Euros (approximately £142,100) for SSI supply chain companies nationwide, whether on th manufacturing or service sides.
3. Teesside capital investment
This is a 30% grant of up to £50,000 against capital investment for growth purposes. It is only open to companies in the Tees Valley and no due diligence or administration fees will be charged.
4. Teesside professional services
This is a grant towards professional services to help with growing companies or overcoming growth barriers for companies in the Tees Valley.
Companies can apply for a 50% grant of between £2,500 and £25,000 against professional fees.
How can I apply?
Companies interested in accessing the grants can either email tvgrowthscheme@be-group.co.uk or call 01642 939 386.
How can Ward Hadaway help?
We would be happy to assist any company with the application process for these grants.
We are also happy to confirm we would welcome any company using the Teesside professional services grant. We have a wealth of experience in helping companies in the North East and across the UK to overcome barriers to growing their businesses.
For more information on how we can help you, please get in touch.
Please note that this briefing is designed to be informative, not advisory and represents our understanding of English law and practice as at the date indicated. We would always recommend that you should seek specific guidance on any particular legal issue.
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