Partner Article

Steel fund gives birth to 25 SMEs

Almost 25 new businesses are expected to be set up on Teesside in the coming weeks on the back a fund which was created to support steel workers facing redundancy at Corus.

The £300,000 Regeneration Fund - part of UK Steel Enterprise’s (UKSE) £8.3m package of support for the struggling industry - offers small loans and grants to budding entrepreneurs.

In the three weeks since its inception, 12 new Teesside-based businesses have been set up, while it is expected that a further 12 will be approved within the next fortnight.

UKSE’s regional manager Simon Hamilton said: “The business ideas cover a really wide range including garden maintenance, photography, a health and safety consultancy, jewellery, asbestos removal, tree services and a mobile bar.

“The Fund provides a combination of grant and loan funding, designed specifically for fledgling businesses needing a smaller amount than our usual minimum loan and we have provided amounts up to £7,500. It is often a relatively small amount that is needed but it can be a real struggle to find this funding elsewhere.”

A large number of the applications to the Regeneration Fund are coming through word of mouth or by referral from other business support organisations such as Redcar and Cleveland LEGI (Local Enterprise Growth Initiative).

This was posted in Bdaily's Members' News section by Ruth Mitchell .