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Small Tees Valley businesses set for huge boost following ERDF changes

As part of the government’s Northern Powerhouse initiative a major shift to more localised spending across the North is set to be put in place as, for the first time, European Regional Development funds are to be targeted at Local Enterprise Partnership areas.

Local organisations working with small firms around the Tees Valley will now be able to apply for a share of funding from the latest round of the European Regional Development Fund.

The funding is said to support innovation, boost businesses and create jobs across local economies and bring benefits to the wider area that will be felt beyond the area’s boundaries.

The Tees Valley Local Enterprise Partnership and other local partners will play a key role in shaping how the money is allocated and invested.

James Wharton, Local Growth Minister, said: “This funding will give the area a chance to contribute more to the national economy and unlock local potential. It will ensure we can build a Northern Powerhouse that will have a big and real impact on people’s lives, delivering more jobs, more opportunities and a better future for all.

“We want local partners to come forward with how they want to use this money to drive forward the economy in the Tees Valley. As part of our long-term economic plan this money will provide a big boost to businesses and help create numerous jobs locally that will also benefit people living in towns and villages nearby.”

Around the country £5bn is being made available from the 2014 to 2020 round of the European Regional Development Fund and the European Social Fund to fund these local projects.

Previous projects supported by the development fund include Boho 5 and Business Central, Darlington. The 2007-2013 round of ERDF created 16,138 jobs across the North East from £311m of funding.

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