Member Article

Cash injection available for North East SMEs

SMEs in the North East are being given access to a new £2.25 million loan fund which aims to assist new or growing businesses. The Regional Enterprise Loan Fund (RELF) is managed by leading regional enterprise agency Entrust, in partnership with the North East Business and Innovation Centre and Finance Tree, on behalf of One NorthEast.

The fund is looking to lend £750,000 per year to developing regional enterprises during the next three years, with the overall aim to encourage new business start-up, enhance current business growth, create new jobs and generate more economic value in the region.

Ian Mudie, Regional Enterprise Loan Fund Manager at Entrust, said: “Accessing funding is one of the key challenges facing start-up and growth businesses in the region and we know that many small and medium sized enterprises wanting to grow find it difficult to raise their total funding requirement.

“All too often small businesses reach critical mass and need funding in order to develop otherwise they can stagnate and be overtaken by competitors. The Regional Enterprise Loan Fund offers financial support to local businesses that have identified a market opening but require limited funding to enable them to exploit the opportunity.

“We are delighted to be able to offer North East SMEs a new source of financial support to enable them to grow and prosper, which in turn, will benefit the local economy.”

Entrust hopes to assist between 150 and 175 firms, who, as well receiving a cash boost ranging from £3,000 to £25,000 depending on the status of the business, will also have access to Entrust’s pool of experienced business mentors to provide guidance, support, encouragement, signposting and networking.

To find out more about the Regional Enterprise Loan Fund and how Entrust could help your business log on to www.entrust.co.uk.

This was posted in Bdaily's Members' News section by Ruth Mitchell .