Types of grant
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 6 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 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 £3,000 can be awarded to pre-start businesses.
Examples of eligible expenditure include capital items such as machinery, ICT equipment as well as one-off revenue expenses such as electricity connection charges.
Micro loan fund
The Micro Loan Fund is a fund of last resort and provides loans of up to £15,000 (up to £3k for pre-start business) with implementation support provided by mentors.
Further information
For more information call 0845 460 33 33
