Free Business Growth Funding for Businesses in Newcastle & North Tyneside

The North of Tyne Business Support Fund is a project is funded by the UK Government through the UK Shared Prosperity Fund. This is a central pillar of the UK Government’s Leveling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The fund aims to increase life chances across the UK, investing in communities and places, people and skills and supporting local business. At Who’s Listening, we’re proud to be a registered provider of the North of Tyne Business Support Fund, meaning that we can support you on all of your growth requirements.

What is the The North of Tyne Business Support Fund?

It is a type of fund designed to drive economic growth by helping businesses to access external expertise to implement business growth and improvement plans. Covering up to 50% of eligible business spend, grants are available to support projects costing between £3,000 and £8,000, excluding VAT.

Is your business eligible?

Funding can be offered to a wide range of businesses in the North of Tyne. Below outlines the criteria to allow your business the funding.

Business Age

Your business must have started to make sales of its main goods or services.

Size

Your business must be an SME (Small to Medium Enterprise), meaning the organisation employs fewer than 250 people and the annual turnover is less than £42 million, or has a Balance Sheet Value of less than £36 Million. Social Enterprises are also included.

If your business is involved in a group structure, either partially or fully owned by another business, then further details will be required to establish your eligibility.

Location

Your business must be based in the North of Tyne Combined Authority catchment area.

Types of Business

Private companies, such as Limited Companies, Partnerships and Sole Traders, as well as Social Enterprises and Third Sector Organisations can all be supported. Organisations who focus on religion, politics or gambling cannot be supported.

Performance

Your business must be planning to grow and able to verify that it can cashflow the cost of the project prior to claiming the grant.

Previous Funding

Your business must not have received more than £315,000 of combined State Aid under the Minimum Financial Assistance, Services for Public Economic Interest Assistance or Special Drawing Rights allowances since the 1st of April 2022.

What types of projects can be funded?

Making more sales (Marketing strategy, website design/development, video and animation and social media)
Reducing costs (Management systems, product development, process improvement, quality management)
Planning for the future (Succession planning, business growth planning, financial restructuring, change management)

Funding Process

Step 1 – Application form

The grant funding application form asks for general information about your business and contact details for the person applying, as well as some basic past, current and future financial date, staff numbers and previous funding. They will also need to know about the project you intend to complete and how it will benefit the business.

Step 2 – Eligibility checks

The NBSL team will review your application to confirm your business’s eligibility for funding. Providing detailed information in your application will help speed up this process. If additional details are needed, they will contact you via the email address provided on your application form. They will also conduct an initial evaluation to determine if your proposed project meets the required criteria.

Step 3 – Adviser call

An adviser will call to discuss your application and gather the information needed to complete the funding contract paperwork. A final decision will then be made on whether your project qualifies.

Step 4 – Contract issue

You must not start any work with a provider/supplier or make any payments before you receive your contract. Your funding contract and supporting paperwork will be sent out to you by NBSL using SignNow – you’ll need to read the full document pack and sign electronically where required. As soon as you’ve signed the contract, your chosen provider can start work.

Step 5 – Grant claim

After the funded work is completed and fully paid for, you’ll need to submit your claim evidence to NBSL for processing. Once all required evidence is received, your grant payment will be issued within 30 days.

Step 6 – Follow-up

Understanding the impact that funding will have on your business is key. 4-6 months following the grant payment, you will be asked for updated financial/staffing figures.