SMALL and medium-sized enterprises have been urged to apply to North of Tyne combined authority for help to grow their business.

North of Tyne has made it easier for SMEs to gain financial support by lowering the minimum grant threshold from its North of Tyne Business Growth Fund from £40,000 to £20,000. It means small businesses with smaller projects are now able to access growth funding.

Grants from £20,000 to £200,000 are available from the North of Tyne Business Growth Fund to businesses looking to grow in Northumberland, Newcastle and North Tyneside.

Mayor Jamie Driscoll said: “Small businesses are the life blood of our local economy.

“At the North of Tyne, we’re investing to help those businesses grow and to innovate for the future.

“It’s all about creating good jobs for people, supporting small businesses to thrive and doing it in a collaborative way.”

The North of Tyne Growth Fund is a project that aims to support SMEs across Northumberland, North Tyneside and Newcastle local authority areas to create employment and stimulate business growth.

The project has been awarded £4.6m from the European Regional Development Fund Programme and will leverage £10.5m of private sector investment.

Delivered by NTC, in partnership with UMi, the primary aim of the fund is to create employment and stimulate business growth. It is part of a multi-million package of business support mobilised by North of Tyne Combined Authority.

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