£1.5m recovery fund launches

17 June 2021

A new £1.5m grant fund has been launched by the North of Tyne Combined Authority to support business innovation across North Tyneside, Newcastle and Northumberland.

The North of Tyne Innovation Recovery Grant is part of the authority’s package of support to businesses dealing with the impact of Covid-19. 

It is designed to enable a green and sustainable recovery by funding projects that have potential to safeguard and create new jobs, build a more inclusive economy and contribute towards the net zero agenda.

Cllr Johnson, North of Tyne cabinet member for investment and resources, said: “The economic turbulence of the past year has been difficult for business. In North of Tyne we are committed to working alongside industry to contribute to a strong recovery.  

“Our Innovation Recovery Grant will invest in long-term sustainable growth and good jobs. Any business looking to bring something new and innovative to market, or improve the way they work, should consider applying.”

 The fund will offer a 50 per cent contribution towards the cost of innovation projects totalling between £10,000 and £20,000.

It is delivered on behalf of the North of Tyne Combined Authority by NBSL and the Innovation SuperNetwork.

Estelle Blanks, chief executive at Innovation SuperNetwork, added: “We’re excited to be involved in delivering this critical piece of funding support to businesses across the North of Tyne area.

“Innovation can be a challenging concept, but it could be as simple as adopting a new technology or process. Many businesses don’t realise they are innovation active, so our sector specialists are available to applicants to provide one-to-one support to help companies make their innovation projects a reality.”

Originally posted: Insider Media Limited