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  • £8.3 million steel support package announced

    5 Mar 2010

    UK Steel Enterprise, the Corus subsidiary that helps the economic regeneration of communities affected by changes in the steel industry, has announced an £8.3m package of support measures in the wake of the job losses on Teesside.

    The package will include -

    • doubling the level of UKSE investment into new and growing businesses in the Northern region from £1.5m to £3m.
    • a major £4.7m expansion of The Innovation Centre on Hartlepool’s Queens Meadow Business Park, supported by One North East.  Around 80 young businesses are currently housed and supported in UKSE’s two Centres - in Hartlepool and on the Kirkleatham Business Park at Redcar.  
    • a new Regeneration Fund, offering a combination of grants and loans designed specifically for start-up and fledgling businesses requiring a smaller amount than the usual UKSE minimum loan and struggling to find funding elsewhere.
    • an extra £600,000 for UKSE’s special community support fund, which will back local projects and fund business support initiatives. 

    “The principal focus of this major new support package is to help the recovery from the mothballing of Teesside Cast Products,” said UK Steel Enterprise Regional Manager Simon Hamilton.

    “We are very aware of the effects of this closure on Teesside, coupled with the difficulties that new and fledgling businesses are facing in the current economic situation.  This package of measures is specifically designed to support and encourage former steelworkers and other entrepreneurs who have sound projects and want to set up their own businesses as well as existing companies who have expansion projects and could create new jobs for the area.

    “We will be announcing the details of each measure in due course but we hope each one will make a valuable contribution to Teesside’s recovery and to the region,” he added.  “We are liaising with Teesside Cast Products to offer former employees business planning advice and support where needed. We will also continue to work closely with local authorities and other business support organisations to make sure that we identify and target all possible areas where this new package can help.” 

    During the past three decades, UK Steel Enterprise has invested a total of £15.1m in the Northern region, covering Tees Valley, Derwentside and West Cumbria. It has supported nearly 1,000 companies, invested around £7.5m in providing business premises and helped to create more than 15,000 jobs. 

    Ends.

    Notes

    For further information please contact Joan Grant Publicity 01434 603182 (Mob – 07754 054 571)

    UK Steel Enterprise Ltd, a wholly-owned subsidiary of Corus, aims to improve the economies of areas affected by changes in the steel industry.  It supports new and growing businesses with tailored finance packages, independent advice and by providing high quality managed business premises.

    The North of England office covers the areas of Tees Valley, Derwentside and West Cumbria.   UKSE Innovation Centres at Kirkleatham Business Park near Redcar and on Hartlepool's Queens Meadow Business Park currently house around 80 of Tees Valley's most exciting young businesses. 

    In the Northern region, UKSE has invested a total of £15.1m to support nearly 1,000 companies and £7.5m has been invested in providing business premises.  More than 15,000 jobs have been created.

    Nationally, more than 4,500 companies have benefited from UKSE support with around £72m of true risk capital being made available, £29m invested in workspace and £8m allocated to support community projects.  Around 70,000 jobs have been created. 

    Further information from UKSE, The Innovation Centre, Vienna Court, Kirkleatham Business Park, Redcar TS10 5SH Tel: 01642 777 777 or The Innovation Centre, Queens Meadow Business Park, Hartlepool TS25 5TG Tel: 01429 239 500 

    Email:  north@uksteelenterprise.co.uk 
    Website:  www.uksteelenterprise.co.uk