Eligibility – your business
We’re able to offer funding to a wide range of businesses in the North of Tyne area.
The business must be based in the North of Tyne region to be eligible for funding, if your business rates are paid to either Northumberland, Newcastle or North Tyneside Council it is likely that you are located in an eligible area.
The business must be a Small to Medium Enterprise (SME), including Social Enterprises. An SME is defined as an organisation employing fewer than 250 people with either an annual turnover of less than €50 Million (circa £43m as of May 2021) or a Balance Sheet Value of less than €43 Million (circa £37m as of May 2021). As part of your application, we will need to know the number of people you employ and some financial information to confirm you are an SME.
If the business applying is involved in any kind of group structure – either being partially of fully owned by another businesses or having partial or full ownership of another business – further details will be required post-application to establish eligibility.
Age of business
To be eligible to apply, the business must be able to demonstrate that it has been trading (i.e. making sales) for more than one year. Businesses trading for less than a year (or who have not started trading) that have projects which are focused on imminent commercialisation (i.e. Research and Development is complete and the proposed project will help accelerate new products or services to the market) may be considered.
The business must be planning to grow (including regaining sales or market share lost due to the impact of Covid) and must also be able to verify that it can cashflow the cost of the whole project prior to claiming the grant at the end.
The business must not have received more than €325,000 (circa £280,000 as of May 2021) in Special Drawing Rights and/or De Minimis Aid in the last 3 year rolling period.
Your project needs to be innovative. That means it’s changing something for the better in your business – it could be a new product, an improved service, or a new way of working, but it needs to be something you’ve never done before. We’ll need details of your innovation project so be sure to be prepared before you apply so that we can process your application as quickly as possible!
Accessing the North of Tyne Innovation Recovery Grant is very straightforward – you could have a decision on your grant application within a few weeks.
Apply for a grant
We’ll need to know some details about your business, the project you’d like to fund with a North of Tyne Innovation Recovery Grant and how it will help.