European Funding for Small Teesside Businesses

Millions of pounds of European funding is up for grabs for small businesses in the Tees Valley.

£141.1 million has been made available from the European Regional Development Fund as part of the government's plans to create a Northern Powerhouse.

For the first time, the fund is targetting Local Enterprise Partnership areas like Teesside in the hope of improving the economy.

It's hoped the funding will allow many firms to increase job opportunities and boost skills.

They'll be able to apply via local organisations for a cut of the million pound budget.

Local Growth Minister and Stockton South MP James Wharton has welcomed the news.

He said: "This funding will give the area a chance to contribute more to the national economy and unlock local potential. "It will ensure we can build a Northern Powerhouse that will have a big and real impact on people’s lives, delivering more jobs, more opportunities and a better future for all."