GROWING businesses in the Tees Valley should benefit from £1m of new investment.

The investment by UK Steel Enterprise (UKSE), is part of a national £10m package announced by the company on Tuesday.

UKSE wants to step up its investment activities in existing and former UK steel areas, including in the Tees Valley which has been affected by the recent restructuring within the steel industry.

Designed to boost regeneration programmes, the £1m fund will support business growth, job creation and other community projects.

UKSE regional manager Keith Williams said: "We are already working with several local projects designed to help people retrain for new careers.

"These include a multi-media training centre for the unemployed in Middlesbrough and a new IT drop-in centre in Hartlepool.

"We are also looking at providing significant funding to Business Link Tees Valley to support its work with small and medium-sized firms across the area."

UKSE's managing director Stuart Green, said: "This injection of funding has come from our parent company Corus and gives a substantial boost to our existing work in helping to stimulate new and existing businesses and create jobs.

"In short, it means we can achieve a lot more in a shorter space of time and continue to make a real difference through targeted regeneration."

In the past year, UKSE has invested more than £600,000 in the North-East.

A UKSE Innovation Centre development at Kirkleatham Business Park will benefit from the new money.

Nick Johnson and Simon Hamilton have been appointed as regional executives at Kirkleatham to help small and medium-sized firms develop