The North of Tyne Growth Fund

WHAT WAS THE SERViCE? 

Running from January 2020 to August 2023, the North of Tyne Growth Fund was established to provide grant support to SMEs in Northumberland, North Tyneside, and Newcastle local authority areas. Part-funded by the European Regional Development Fund (ERDF), the scheme was aimed at capital investment projects that showcased potential for both growth and job creation. 

WHAT DiD UMi DO? 

As the designated Delivery Partner, UMi took on the responsibility of overseeing the entire process of the grant programme. This included everything from its design to handling applications, making payments, and monitoring beneficiaries. UMi utilised its extensive experience and expertise in grant management, drawing on successful models from past grant programmes such as ERDF and Regional Growth Fund to ensure adherence to regulations, efficiency, and overall effectiveness. 

The UMi team also handled demand stimulation. Employing various marketing techniques, they effectively boosted awareness and sparked interest among SMEs. A group of field advisers, dedicated to the project, was also sent out to offer personalised support and guidance to SMEs throughout the application process.  

WHAT WAS THE RESULT? 

Over its duration, £3.05m worth of grants was distributed to 21 businesses, supporting 24 different projects – averaging at £127k per project – and creating 592 jobs overall. A staggering amount of investment providing a much-needed financial injection to recipient businesses, allowing them to achieve their ambitious plans with a reduced risk to them. 

Watch the video below to see how Transmission Dynamics benefited from the fund as they fuelled ambitious growth plans: