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A new £1.5m grant fund has been launched by the North of Tyne Combined Authority to support business innovation.

The North of Tyne Innovation Recovery Grant offers a 50% contribution towards the cost of innovation projects totalling between £10,000 and £20,000 – with grants of between £5,000 and £10,000 available. It is open to small and medium-sized businesses and social enterprises based in North Tyneside, Newcastle or Northumberland.

Projects should either launch an innovative product or service considered new to the market or bring a new technology or innovative process to the business. This could include investing in new technology to improve business efficiency and sourcing consultancy support or external expertise to drive innovative practice.

The Grant fund is part of the Authority’s package of support to businesses dealing with the impact of COVID-19. It is delivered on behalf of the North of Tyne Combined Authority by NBSL and the Innovation SuperNetwork, who together bring combined experience in managing both grant funding projects and delivering innovation support.

The grant is designed to enable a green and sustainable recovery by funding projects that have potential to safeguard and create new jobs, build a more inclusive economy, and contribute towards the net zero agenda.

Learn More: https://ntca-innovationrecoverygrant.co.uk/