Member Article

Cash boost for Tyne & Wear entrepreneurs

New and early stage businesses in Tyne and Wear are set to benefit from funding designed to boost start-up rates in the region. Businesses across the area will be able to tap into funding of up to £5,000 for capital investment through the Tyne and Wear Small Business Grant Scheme.The scheme has supported more than 450 businesses since its launch in 2003, and will run for a further year after receiving Single Programme Funding of £800,000 from One NorthEast through the Tyne Wear Partnership. The grant scheme is managed by the Tyne and Wear Development Company and is delivered by Tyne and Wear’s five local authorities - ensuring businesses also have access to a full range of support services. Through the Business Support Network, businesses will receive assistance with business plans before receiving financial support and ongoing development advice.Trevor Sawyer, project manager for Tyne and Wear Development Company, said: “Access to finance is recognised as a major barrier to the creation and growth of new businesses in Tyne and Wear. “The aim of the grant is to meet this shortfall by providing the necessary funding to help businesses set-up and survive. It’s been incredibly successful so far and this fresh tranche of funding will allow the benefits to be extended.” Mr Sawyer added: “One of the biggest strengths of the scheme is that it’s Tyne & Wear-wide. It’s supported by each local authority and contributes to an environment which supports business growth and encourages entrepreneurs.” Further information is available by visiting www.tyne-wearbusinessgrant.co.uk or by contacting your Local Authority Economic Development team.

This was posted in Bdaily's Members' News section by Ruth Mitchell .