TEES Valley Unlimited has today launched a £5.6 million search for development projects.
The money, part of the Government’s Growing Places fund, has been earmarked for projects that will generate jobs or housing by removing immediate barriers to growth.
Linda Edworthy, TVU’s Director of Policy and Strategy said: “We are looking to use the fund to address key obstacles that have stalled development. These may be infrastructure or site constraints or perhaps a lack of available buildings or assets.
“We welcome applications that will meet our Statement of Ambition and deliver a boost to our local economy.”
Firms can apply through the TVU website, with decisions announced by the end of March next year.
Linda said: “This is the start of an approach which will see local decisions made at local level. As such, submissions to this fund must be spent on capital projects and clearly guarantee repayment within the next two to three years to enable further reinvestment down the line.
“The projects must be ready to go live, with detailed plans developed, planning obtained and other necessary funding secured. This again ensures that the funds will have an immediate benefit.
“Additionally, the application must support the delivery of Tees Valley Unlimited’s partnership business plan which aims to create a diversified and inclusive economy and develop our industrial base and its drive towards a low carbon, high value future.”