Member Article

Tees Valley businesses benefit from regeneration fund

Over 140 small businesses across Tees Valley are looking forward to 2012 with optimism thanks to a regeneration fund, set up by UK Steel Enterprise.

The fund, set up following the mothballing of Teeside Cast Products in 2010, gives entrepreneurs and businesses less than 18 months old, access to small amounts of loan financing, often vital to their plans.

Loans from £1,000 to £3,500 are available to the companies, who are involved in: energy, fudge manufacture, motor cycle training, fitted bedroom furniture, health and safety, photography, construction, mobile tyre-fitting, printing, children’s soft play, training, surfing and graphic design.

UK Steel Enterprise, the business-support subsidiary of Tata steel, launched the £600,000 Fund but its early success attracted a further £500,000 of funding from One NorthEast, through the Tees Valley Industrial Programme.

UKSE Regional Manager Simon Hamilton, said: “The finance we provide through the Regeneration Fund may be small in comparison to the packages of up to £750,000 that we offer businesses with major expansion projects but they are very important.

“It can be the key to getting a business off the ground but very small amounts of finance are not always easy to source.

“Despite the economic difficulties, people in Tees Valley have shown themselves to be determined and resourceful.

“Some have used their redundancy money to start up and others have based the business on their hobby.

“These small businesses are playing an important part in creating a sound business sector and jobs for the future in Tees Valley.”

This was posted in Bdaily's Members' News section by Tom Keighley .