Several budding entrepreneurs have already taken the plunge and are starting their own businesses on Teesside with help from UK Steel Enterprise's new Regeneration Fund. The speedy response to the Fund, part of the £8.3m package of support announced by the Corus-subsidiary in March in response to the mothballing of Teesside Cast Products, has pleased UKSE's Regional Manager Simon Hamilton.
“We had 12 businesses start up within three weeks of UKSE making this £300,000 Regeneration Fund available and at least another 12 are expected to be approved within the next couple of weeks,” he 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).
“The response has been far greater and swifter than we anticipated and we have been very busy,” said Simon Hamilton. “People are obviously talking about the Fund and spreading the word which is great. In most cases, our support is also helping by attracting additional money from other sources,” he added. One of the aims of the Regeneration Fund is to process applications as quickly as possible – with approval for successful applications often just a week after the application and an interview - so that these new small businesses can get up and running with the minimum of delay.
UK Steel Enterprise's £8.3m package of support also includes a doubling of its investment into new and growing businesses from £1.5m to £3; a £4.7m extension of its Innovation Centre at Hartlepool, currently supporting around 40 growing young businesses and an extra £600,000 for its Community Support Fund that helps local projects and business support initiatives.
Anyone wanting to apply to the Regeneration Fund should contact UK Steel Enterprise on 01642 777 777 or email north@uksteelenterprise.co.uk.