Funding News – North East Businesses Set Up £3 Million Scheme

A collaboration of North East businesses have come together to set up a scheme to assist local businesses in Teeside to grow.

The Teeside Patriots Scheme is a group of Teeside business people who are looking to make money, enable local businesses to prosper by providing new locally based capital and also to help end local dependency on Newcastle and beyond. The aim of the scheme is to assist the growth of local businesses and to encourage businesses to move to Teeside.

The Fund is worth £3 million in total.

The Patriots provide funding in order to acquire an equity stake in the business. No minimum or maximum levels of funding are specified. Eligible costs are those which will contribute to the expansion of the business. Assistance is available to Teeside businesses with the potential to grow.

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Source:, 26/09/2012