The money – part of the £80m Government support fund – is aimed at helping redundant employees deal with the impact of losing their jobs and help them find new employment.
It’s also available to on-site contractors and supply chain companies in the Tees Valley to help them cope with knock-on effect of the plant's closure on their businesses.
There are three pots of cash – a Business Advice Start-up Fund, a Jobs and Skills Fund and a Supply Chain and Growth Company Support Fund.
The Business Advice Start-up Fund offers former SSI workers advice on starting their own business.
There is also a grant scheme which could provide a start-up grant of up to £10,000 to help make a business a real opportunity.
The Jobs and Skills Fund is a wage subsidy scheme to enable businesses in Tees Valley and the surrounding area to create new job opportunities.
The fund is available to companies able to employ people affected by the SSI closure, their spouses or partners living in the same household or supply chain workers.
The scheme will subsidise the cost of employment for positions made available for a minimum of three years, with a payment of 50% of the basic salary costs for each new job created in the first two years of employment up to a maximum of £11,000 per employee.
The Supply Chain and Growth Company Support Fund is made up of several elements including grant funding for employers wanting to invest in new premises, plant or equipment that leads to the creation of new jobs.
The team at Tees Valley Business Compass wants to hear from companies interested in making an application.
It is their role to support ambitious businesses to realise their growth potential by offering access to a range of practical services - from local business information, assessing growth options through to unlocking finance and funding streams.
Business Compass is part of a network of organisations called Business Growth Hubs which the Government set up to make sure companies are able to expand and get the right type of common-sense, practical support they need.
The SSI Task Force funds are already taking effect but it’s vital that more companies apply.
Linda Edworthy, director of strategy and investment at Tees Valley Unlimited, said: “The SSI Task Force is providing financial and practical support to companies and individuals to help the Tees Valley recover from the SSI closure.
“The funds are available now and we would urge companies and individuals to find out if they qualify for help.”
For more information visit www.teesbusinesscompass.co.uk