Tees Valley Business Compass is celebrating its second year after supporting 774 businesses and 335 start ups across the region.
The local growth hub has completed over 600 diagnostics on Tees Valley-based companies and had 664 appointments with business owners since January 2018, supporting and advising them on funding opportunities, as well as securing grants to supplement growth.
The largest project it has supported was on behalf of Wynyard-based water supplier Everflow Limited, worth £349,300, with Tees Valley Business Compass awarding a £115,269 Business Growth Grant to facilitate IT system development which will support the company’s future plans.
James Cleave, finance director at Everflow, said:
“Applying for and obtaining the grant was made far more straightforward than it could have been with the assistance of the team at Tees Valley Business Compass, particularly Dave Jones who was and continues to be a great help.
“The grant has been fundamental in supporting new jobs as well as capital investment in the business, and will be vital in enabling Everflow to achieve its growth aspirations.”
In addition, Tees Valley Business Compass has also seen a busy year for events, headlining the Tees Valley Business Summit and launching its own alternative networking event, Networking & NERF Wars in partnership with Advantex and Harvey & Hugo.
Tees Valley Business Compass is the local growth hub, experts in growth and a one-stop-shop for all business needs delivered by BE Group on behalf of Tees Valley Combined Authority.
The support available for companies comes from an investment of more than £9.5m from the European Regional Development Fund (ERDF), secured by Tees Valley Combined Authority. Support is available for growth projects, research and development, consultancy and innovation.
Tees Valley Business Compass comprises a team of Growth Consultants, Growth Services Manager, Senior Project Manager and Marketing & Events Manager that regularly engage with local businesses across the Tees Valley.
Tees Valley Mayor Ben Houchen said:
“Tees Valley Business Compass has been instrumental in backing the region’s job-creators, innovators, entrepreneurs and risk-takers. The assistance that it provides goes far beyond just financial support, and this has been seen in the number of companies that have come to Business Compass for help.
“Hitting more than 1,000 businesses, many of which I’ve visited this year, shows Business Compass’s reach and wealth of experience. I’m looking forward to hearing the success stories of more SME firms that have been given a leg-up by this fantastic service.”
Karen Jones, Senior Project Manager at Tees Valley Business Compass said:
“We have enjoyed another exceptional year, almost doubling the number of businesses we supported in our first year, headlining the Tees Valley Business Summit, launching our Networking & NERF Wars even and continuing to support Tees Valley’s thriving companies fulfil their growth ambitions.
"It has been a pleasure to help over 1000 business this year, as well as support many more at our events ranging from start-ups and SMEs at different stages of their development.
2019 will bring more challenges and opportunities for firms operating across the Tees Valley. We are looking forward to continuing to support and help drive growth across the region and wider economy through our services.”
TVBC - The Tees Valley Business Compass is a one-stop-shop for all your business needs if you're a business based in the Tees Valley area. This covers any business based in Darlington, Hartlepool, Middlesbrough, Stockton and Redcar & Cleveland. We are "Experts in Business Growth" and we want to work with you to help your Tees Valley business grow.
Tees Valley Business Compass is the local growth hub delivered by BE Group on behalf of Tees Valley Combined Authority. It helps ambitious businesses realise their growth potential by offering access to a range of practical services, from local business information, assessing growth options through to unlocking finance and funding streams. The growth hub is part-funded by the European Regional Development Fund and the department for Business, Energy & Industrial Strategy.
The Tees Valley Business Growth Hub has received £9,520,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regeneration. For more information about the European Regional Development Fund please visit GOV.UK.