UK Steel Enterprise, the Corus subsidiary that helps the economic regeneration of communities affected by changes in the steel industry, has announced an £8.3M package of support measures in the wake of the job losses on Teesside.

The package will include -

  • doubling the level of UKSE investment into new and growing businesses in the Northern region from £1.5M to £3M.
  • a £4.7M expansion of The Innovation Centre on Hartlepool’s Queens Meadow Business Park, supported by One North East.
  • a new Regeneration Fund, offering a combination of grants and loans designed specifically for start-up and fledgling businesses requiring a smaller amount than the usual UKSE minimum loan and struggling to find funding elsewhere.
  • an extra £600k for UKSE’s special community support fund, which will back local projects and fund business support initiatives.

UK Steel Enterprise regional manager Simon Hamilton said: “This package is specifically designed to support and encourage former steelworkers and other entrepreneurs who have sound projects and want to set up their own businesses as well as existing companies who have expansion projects and could create new jobs for the area.”