Offering a substantial £3.5 million in total funding, grants are available from £20,000 upwards and will support up to 30% of total eligible project costs, meaning businesses can tailor applications to suit their specific needs.

Managed in partnership by UMi and UNW LLP, the exciting new scheme is the successor to the Growth Fund and North of Tyne Growth Fund, which concluded in the summer of 2023. 

Funded by the North of Tyne Combined Authority, Gateshead Metropolitan Borough Council and Sunderland City Council through the UK Shared Prosperity Fund (UKSPF), the grants are designed to stimulate and accelerate business investment in new assets such as technologies and processes that will improve productivity and encourage growth.

The businesses’ projects must also create new and better employment opportunities, increase productivity and profitability, and grow wages.

A central pillar of the UK government’s Levelling Up agenda, the prosperity fund aims to improve the standard of living across the UK by investing in communities, supporting local businesses, people, and skills. Early-stage or well-established companies are eligible to benefit from this funding opportunity to drive growth internally.

The Business Growth Fund is open until December 2024 with the extended timeframe allowing businesses to plan their growth projects and prepare their applications thoroughly.

The scheme is managed and delivered by experts in UMi’s Investment Centre team, who have an extensive track record of delivering this kind of support and are committed to helping businesses to do more and go further.

Dave Jones, Project Manager at UMi said: “The new Business Growth Fund builds on the legacy of the previous schemes, providing more accessible and substantial funding opportunities for businesses in the North of Tyne area, Gateshead, and Sunderland. 

“With UMi's involvement and an experienced management team, this scheme is a gateway to successful growth. I would encourage any company looking to grow through capital investment to get in touch with our team.”

It is expected that around 27 businesses from the region will benefit from funding, assuring applicants of a fair evaluation and distribution of grants.

Cllr Carl Johnson, NTCA Cabinet Member for Investment and Resources said: “This is an exciting prospect for businesses with ambitions to grow, and for us who want to see their plans succeed.

“We are committed to supporting businesses through periods of uncertainty and its programmes such as this that allow us to deliver and improve people’s lives. That’s why we’re here; to provide opportunities, create jobs and to put in place the right programmes to get our businesses and our people ready to grow and flourish when the time comes.”

Councillor Graeme Miller, leader of Sunderland City Council, said: “Our broad range of businesses, both large and small, are the lifeblood of Sunderland’s economy, creating jobs and opportunities for people in Sunderland, so giving them the best chance to succeed by supporting investments that unlock growth potential is vital.  We’re delighted UMi, a firm, experienced in working with businesses, will be able to provide this assistance to firms in Sunderland.”

Councillor Malcom Brian, Cabinet Member for economy said: “Our aim is to support all businesses to thrive, we are dedicated to ensuring that we can provide opportunities to support businesses in Gateshead through support and training. 

“Now with the expertise of UMI and in partnership with them we will be able to offer businesses a unique opportunity to access dedicated funding to help them deliver on projects which will support the growth of the local economy.”