ERDF PRIORITY 2

There are two Fields of Action within Priority 2:

Field of Action 1 - Cultivating and Sustaining Enterprise (including social/community based enterprise) in disadvantaged areas
Field of Action 2 - Enhancing the Competitiveness and Growth of Existing SMEs (including social/community based enterprises)

Priority 2 in the Tees Valley
The Tees Valley has been successful in obtaining approval for an integrated package of business support activities which aims to address both of the above fields of action. The projects provide assistance to address the relative underperformace of the Tees Valley and the North East region in terms of business formation, sustainability and productivity. The total cost of the package is just over £6.9m with in excess of £3.2 of ERDF approved. The package consists of six projects from four partner organisations across the Tees Valley which include Local Authorities and Teesside University.

Projects selected for inclusion are delivering business growth and enterprise activities throughout the sub region. They are offering a tailored package of information, engagement and support specifically targetted at potential entrepreneurs and SMEs in disadvantaged areas within the Tees Valley.

The main beneficiaries will be prospective entrepreneurs, new and existing SMEs and young people.

Activity began in August 2008 and was due to end in July 2011, however an extension has been approved as a result of the economic changes in the Tees Valley to 31 March 2012. Targets currently include:

• 1958 Potential entrepreneurs assisted to be enterprise ready
• 302 gross jobs created
• 206 new SMEs assisted
• 269 existing SMEs assisted