Teesside businesses urged to bid for £1.8bn funding pot

Businesses in Teesside are being urged to bid for a £1.8 billion funding pot after Northern Powerhouse Minister, James Wharton, announced that the Local Growth Fund still has money to be allocated.

Wharton stated that the funding could help to provide a boost for Teesside, which has experienced many difficulties in recent months, including the closure of the SSI steelworks site.

Growth

Teesside businesses and councils are now being urged to send in applications so that they can receive a share of the funding.

Wharton stated that building a Northern Powerhouse is “central to this Government’s plans to rebalance the economy – a fundamental part of this is empowering local people to create growth and jobs.”

New jobs, homes and training places are expected to be created in Teesside over the next five years through the Tees Valley Local Enterprise Partnership. The area will receive over £104 million, which will create up to 5,000 new jobs and over 1,000 training areas by 2020.

The area received £15 million in funding in 2015, which was spent on projects such as the Enterprise Zone site in Darlington.

Difference

Discussing the investments in Teesside, Secretary of State Greg Clark said that they are not decided by Whitehall but instead by the people who live, work and know the area best.

He stated that there is still £1.8 billion of unallocated funding from the Local Growth Fund and that applications from Teesside are now being invited.