New support funds for businesses and individuals in the Tees Valley.
Some great news that has recently emerged out of the fog of the SSI saga is that the SSI Task Force has secured £80 million from the Government in response to the Steelworks closure in Redcar.
It has been decided that £30 million of that figure will be used to support workers’ redundancy payments and the remaining amount is split across a number of new funds designed to support companies and individuals affected by the closure. There is also a grant scheme available for other Tees Valley companies to help stimulate growth and expansion.
Support for individuals
Support for companies
One of the best opportunities for companies is the wage subsidy scheme for former SSI workers with a payment of 50% of the basic salary costs for each new job created up to a maximum of £11,000 per employee.
SSI Supply Chain Support Scheme aims to support all supply chain companies nationwide who are affected.
Tees Valley Small Grant Scheme
For companies in the Tees Valley, a Small Grant Scheme has been created to support most manufacturing and service sector companies to help grow the local economy in response to the closure of SSI.
The scheme offers small grants so companies can access external expertise and professional services. The good news is that the grant can be used towards Squegg’s creative services for branding, design and digital projects such as websites and mobile apps.
Operating under the de minimis state aid rules, with a maximum contribution of 50% of the eligible costs, the minimum grant that can be applied for is £2,500 and the maximum is £25,000!