Newcastle upon tyne accountants

North of Tyne Growth Fund

Do you own a business employing fewer than 250 employees with a turnover of less than €50million or a balance sheet with less than €43million of assets?

Is your business planning a capital investment of at least £134,000 that will lead to the creation of additional employment? and

Will that investment expand or establish new operations in Newcastle, North Tyneside or Northumberland?​

If so, the North of Tyne Growth Fund may be able to provide your business with grant assistance. 

To receive such grant funding your business must be eligible to receive European Regional Development Funding, which excludes the agriculture, fishery, retail and a number of other business sectors. It must also not be “an undertaking in difficulty”.

In summary, your business must be planning, or be able, to: –

  • invest at least £134,000 in eligible capital expenditure;
  • create additional employment (one net additional full-time job per £10,000 of grant);
  • pay for the entire investment (the grant is claimed retrospectively);
  • finance at least 70% of the investment cost (the grant is a maximum of 30% of eligible expenditure);
  • incur eligible expenditure to complete the investment and (at least to the amount of grant) defrayed expenditure, by 31 October 2022;
  • achieve the agreed increase in employment by 31 March 2023;
  • maintain the additional productive capacity created by the investment for a minimum of five years;
  • retain the employment created by the investment for a minimum of three years;
  • show that the investment would not proceed without the grant; and
  • demonstrate that the investment would not lead to the displacement of economic activity or employment in other businesses in the area.

The above is a precis of the full requirements. Additional information is available at https://www.northoftynegrowthfund.co.uk/eligibility-guide where you’ll find an enquiry form or email david.convery@weareumi.co.uk

If we can help, please contact your usual contact at Ryecroft Glenton or detlevanderson@ryecroftglenton.com

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