The $40,000 initiative is being offered by local commercial real estate agency Commercial Collective and sponsored by local asset and maintenance organisation RTC Group.

To apply, business owners need to submit a short pitch video on their idea and how they plan to spend the grant.

Commercial Collective general manager Dane Crawford said the grant was designed to help grow "tomorrow's Newcastle".

"Newcastle is fuelled by up and coming entrepreneurs and small business," he said.

"This initiative is an opportunity to not only give back but to help continue the momentum."

RTC Group's founding director Richard Claut said his company "grew from humble beginnings, starting with nothing but hope and sheer determination.

He hoped the grants would "encourage young leaders and businesses to step outside their comfort zones, dream big, plan smart and work consistently hard delivering the appropriate actions."

Applications for the Collective Growth Grant close on June 14.

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