Member Article

Going for Growth

Currently Tees Valley Unlimited is immersed in the now familiar frenetic period immediately prior to the submission of applications for support from the Regional Growth Fund.

Rounds 1 and 2 produced significant success for businesses from the Tees Valley with some £68 million awarded and a further £400 million plus of private sector investment levered in.

Despite criticism that the actual paying of the funds has been very slow, the Regional Growth Fund remains one of the main sources of public funding support available to businesses. I have been delighted at the amount of interest and really exciting projects that have been shared with TVU by our local companies ahead of the 13 June closing date.

As in the first two rounds, an application must be seeking at least £1million of grant and provide additional financial backing which means that small or medium sized businesses are largely excluded from bidding direct.

However, this time round the Regional Growth Fund panel is encouraging programme bids where the successful applicants can distribute funds in smaller sums than £1 million to smaller companies.

Tees Valley Unlimited intends to put forward several substantial programme bids which we hope will gain the panel’s support.

Successful bids are likely to be announced in September / October and monies should be available in March / April of next year following completion of the due diligence process.

Watch this space for further news.

Before finishing I have to comment on England’s prospects for the European Championship starting in the Ukraine this week. Unfortunately despite perennial optimism, I have to say that confidence is not high.

I still remember the pain of watching England v Germany in the last World Cup in a French bar whilst on holiday and surrounded by German tourists….

Maybe no expectation means no pressure means better results? Alternatively I could always watch the Champions League Final again and again… and again!

This was posted in Bdaily's Members' News section by Stephen Catchpole .