IT Funding in the Tees Valley

Posted By: Helen Friday 26th February 2021Tags: , ,

People often mistake funding for grants and vice versa. At LaneSystems we offer advice, information and help when it comes to available funding across the Tees Valley and today we are discussing the difference between. We’ll also take a look at IT funding currently available. 

What is a Grant?

Grants are implemented by the government and filtered through to local authorities. Grants are in place to help fund ideas and potential business projects providing public services benefits to the economy. Unlike loans, a grant is not required to be repaid. Individuals and businesses however are generally required to submit written details as to why they should be awarded the cash. On occasion, local authorities will require evidence such as bank statements, receipts of purchase and invoices. Overall, grant funding is fantastic. 

It’s important to note that grants are not always monetary and can appear in numerous forms:

  • Training
  • Advice
  • Equipment
  • Support

It certainly pays for companies to make conscious and consistent efforts to research availability on a monthly basis. For details on Teesside based business grants that cover IT Support, take a look at COVID-19: Business Support in Teesside.  

What is Funding?

Differing from grants, funding can be offered in part payment for a product or service. Gained from local authorities and nationally, available funding is also responsible for boosting the economy through businesses, ideas and future plans.

Available Funding

There’s currently a range of funding available in Teesside, some of which can be used to help pay for IT Support & Services. There’s currently a whole range of funding available across the Tees Valley and you can view this via Tees Valley Business. From digital skills to specific projects, support is offered, some of which can be attributed to IT Support

Business Loans

Should IT funding not be suitable, we will signpost you to a variety of business loan opportunities. With amounts from £500 to £150k with terms up to 15 years we will guide you through the process effectively. Our dedicated team members are here to help you in the successful growth of your business through funding and loan solutions whilst supporting relevant IT services.

How do we Help?

At LaneSystems we have a broad range of support packages tailored to specific business needs. If you would like to investigate the funding route we can potentially help you in accessing up to 40% of a project in the first instance. Applicable across the Tees Valley, County Durham and the North East, such funding aims to boost businesses whilst improving competitive edge. 

If you’d like to discuss grants, funding and loans in the Tees Valley, please get in touch with our team now.