Member Article

TVU announce multi-million pound funding boost

Businesses in the region are to be given the opportunity to bid from a portion of a £5.6 million Government Growing Places Fund in a bid to stimulate economic growth

Tees Valley Unlimited are looking for applicants working on projects that will generate jobs or housing in the region.

Linda Edworthy, TVU’s Director of Policy and Strategy explained: “We are looking to use the fund to address key obstacles that have stalled development.

“These may be infrastructure or site constraints or perhaps a lack of available buildings or assets which when addressed will help generate growth.

“We welcome applications that will meet our Statement of Ambition and deliver a boost to our
local economy.”

Proposals must be submitted via an application form on the Tees Valley Unlimited website, and following the initial assessment will be considered against criteria. Successful applicants will be announced by the end of March 2012.

The process is the start of an approach which will see local decisions being made at local level, and projects must be spent on capital projects and should clearly guarantee repayment within 2 to 3 years, enabling reinvestment down the line.

Linda continued: “The projects must be ready to go live, with detailed plans developed, planning obtained and other necessary funding secured.

“This again ensures that the funds will have an immediate benefit.

“Additionally, the application must support the delivery of Tees Valley Unlimited’s partnership business plan which aims to create a diversified and inclusive economy and develop our industrial base and its drive towards a low carbon, high value future.”

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