£2m fund available to North East SMEs

SMEs from the North East are being invited to apply for a share of a £2 million cash pot.

The North East Business Support Fund, which is run by enterprise agency NBSL, is providing funding for over 1,400 businesses in the region.

Support

The scheme is part-funded by the European Regional Development Fund (ERDF) and was created to give local businesses easier access to support. The fund is now in its third phase and could create up to 700 jobs.

The Business Support Fund will provide 35 per cent of funding for projects costing between £3,000 and £8,000, with the maximum funding amount standing at £2,800.

So far, the scheme has provided over £2.6 million of funding for over 2,500 businesses..

Growth

NBSL North East Business Support Manager John King said: “This has been great news for North East businesses looking for support with expansion plans. The programme has already helped over 400 businesses to tap into funding that is turning their growth plans into reality.”

He added: “NBSL is helping a wide range of businesses to deliver improvement projects enabling them to grow, creating jobs and boosting the regional economy.”