SSI Emergency Response Taskforce
WHAT WAS THE SERViCE?
SSI Supply Chain Support Scheme - This scheme aimed to support all supply chain companies nationwide affected by the closure of the SSI steelworks in Redcar. It provided short term immediate grant aid in the form of working capital to support these companies to continue trading or to seek new business.
Tees Valley Capital Grant Scheme - This scheme aimed to support all supply chain companies nationwide affected by the closure of SSI plus most manufacturing and service sector companies based in the Tees Valley.
Tees Valley Small Grant Scheme – This scheme supported manufacturing and service sector companies based in the Tees Valley, with small grants between £2,500 and £25,000, enabling businesses to access external expertise and professional services.
WHAT DiD UMi DO?
We assisted Tees Valley Unlimited to design the three schemes to fit with Government funding and State aid rules. We managed all aspects of delivering the three funds, including payments and monitoring. Payments from the Supply Chain Support Scheme were made to businesses in less than one week from launch. Rapid mobilisation was essential to ensure the survival of businesses that had lost their main customer overnight.
WHAT WAS THE RESULT?
£12.6m was paid to 257 businesses, leveraging £64 m of private sector investment and supporting the creation and safeguarding of 1600 jobs in Tees Valley. Only three of the businesses we supported failed in the five years following the launch of the schemes and many of those that survived may not have done so without the support.