A former Dukinfield cotton mill has been brought back into use thanks to a loan from the Greater Manchester Investment Fund.
Tameside company Culimeta Saveguard has been provided with a £730,000 GMIF loan to expand into the neighbouring Tower Mill, Park Road, which has been empty for several years.
The GMIF distributes money provided by the Regional Growth Fund.
Culimeta Saveguard – which manufactures high-performance technical fibres used in the automotive industry, or for insulation and protective clothing – expects to increase turnover and create 50 new jobs by 2016.
Mike Blackburn, chairman of the Greater Manchester Local Enterprise Partnership, which distributes the Greater Manchester Investment Fund, said: "The board was impressed with Culimeta Saveguard's ambitious plans and was delighted to approve this loan on behalf of the Greater Manchester Combined Authority."
Brendan McCormack, director of Culimeta Saveguard, said: "This loan will enable us to move into larger premises in Tower Mill, bringing the listed building back into use.
"We are now in a position to continue our growth which should create 50 new jobs over the next few years."
Tower Mill, built in 1885, was last used for textile production in 1955.
It is one of many former 19th century cotton mills lining Park Road, Dukinfield, which is locally known as Tame Valley because of the river that runs through the district.