£19.75 million pledged for businesses in North of Tyne

Jamie Driscoll, Mayor of the North of Tyne Combined Authority, has announced £19.75 million for business in the North of Tyne.

The investment, which is part funded by the European Regional Development Fund (ERDF), will be used to support business growth and innovation, boost rural economies, and bring new investment to Newcastle, Northumberland and North Tyneside.  

Working together, the North of Tyne Combined Authority, the business community and the three local authorities of Northumberland County Council, North Tyneside Council and Newcastle City Council will transform the fortunes of the North East.

The offer will complement business support already provided in Newcastle, North Tyneside and Northumberland and is promoted through the North East Growth Hub, which links local and national business support.

Mayor Driscoll said: “This money will help the North of Tyne business community in three different ways. There’s money for firms wanting to expand or try new things and which need the support to do so. There’s money for foreign or UK owned businesses who want to make their first investment in the region. And there’s money to help rural businesses scale up and to provide the business advice and support they need to do so.”

Nick Forbes, cabinet member for business competitiveness, said: “Businesses are the building blocks of a strong economy. This major investment will make a huge difference to small and medium-sized businesses with ambitions to create and find new markets. We need more start-up businesses if we are to successfully grow our economy and ensure all our communities are given fair access to the new opportunities. I look forward to the release of this funding, and urge businesses with bright ideas to come forward and apply.”