The multi-million pound Tooling Fund was launched by Finance Birmingham in the West Midlands and is now being rolled out nationally following its success.
Details of the fund will be revealed during an event held by the Advanced Manufacturing Forum (AMF) next week.
The event will also focus on how manufacturers can gain access to expertise and world class facilities right here in the North East.
Jack Hanwell, manufacturing sector development manager for the AMF, told BQ: “AMF is very excited by December’s monthly meeting in that it has two brilliant organisations, HVM Catapult and ORE Catapult explaining how they can help forward thinking manufacturers with their innovative ideas.
“There will also be financial support via the Tooling Funding Programme which has been created to help toolmakers and component manufacturers fund the design, development and manufacture of tooling or the expansion of tooling capacity.”
Steve Hetherington, investment director of Finance Birmingham, will talk about the £24m fund and how businesses can get involved.
The event will take place on Wednesday, 16 December at AMF, One Trinity Green, in Eldon Street, South Shields, between 12pm and 2.30pm.