Are you setting up a new business or expanding your existing business in the borough?
South Tyneside offers a comprehensive package of financial assistance to support a range of businesses and activities.
The area has been awarded funding from the government's Local Enterprise Growth Initiative (LEGI), which means it is able to offer a comprehensive package of support for businesses at all stages of development.
Summaries of the grants are listed below, for information on any of these funds please call 0845 460 3333.
Major business grant fund
The council's Major Business Grant Fund aims to attract national and international inward investment, encourage the establishment of major new start-ups and supports business growth projects and managements buyouts.
The fund can provide between £20,000 and £50,000 to qualifying projects.
Business development grants
Business development grants of between £2,500 and £20,000 are available to established businesses in the borough (those trading for at least 12 months), that can demonstrate the need for grant funding to support specific strategic and expansion projects.
Grants are available for specifically identifiable development projects at a rate of up to 50% of agreed eligible costs, covering direct project expenditure (including direct capital and revenue costs).
Business feasibility studies: grants
Grants are available to support individuals to assess the viability of business propositions that could benefit the community or would not be developed without feasibility support.
Pre-trading funding is available to individuals on a staged basis to undertake practical research, with the final release leading to a fundable business plan.
100% of the research and development costs up to a maximum of £2,000 can be awarded to eligible cases.
Business start-up grants
Funding to support individuals and groups starting a business is available to help with the initial costs of business start-up.
Up to 50% of eligible costs to a maximum of £5,000 can be awarded to businesses who are starting up, or who have been trading for less than 12 months.
Examples of eligible expenditure include capital items such as machinery, ICT equipment, commercial vehicles, as well as one-off revenue expenses such as electricity connection charges.
Business start-up loans
Loans of up to £5,000 to support businesses in their first 12 months of trading are available.
Eligible businesses will typically have the ability and potential to become successful but lack the necessary investment and have few assets as security, therefore finding it difficult to access traditional sources of funding due to banks or other lenders requirements.
The repayment duration of the loan is up to 3 years.
Micro loan fund
The Micro Loan Fund provides loans of between £5,000 and £15,000 with implementation support provided by mentors to new entrepreneurs and businesses in their formative years of trading.
The loan will assist capital or revenue expenditure projects relating to start-up or expansion and is available to small medium sized enterprises (SME’s) located in South Tyneside.
Further information
For more information call 0845 460 33 33