Member Article

New funding for North East industry

An extra £1.75m is to be channelled into ‘cutting edge’ North East companies. One North East is topping up the £4.8m already available through the Three Pillars Fund and Design and Creative Fund to help improve the region’s standing in the creative and technology sectors.

The Three Pillars Fund offers an average investment of £100,000 to smaller firms involved in new and renewable energy, process industries and healthcare and health sciences. The Design and Creative Fund offers an average investment of £75,000 to the commercial creative sector.

The £1.75m from One North East will top up the two funds to allow them to finance more innovative projects, creating jobs and attracting new investment to the North East. The funds are looking to support more than 40 businesses this year and create over 50 new jobs during 2009.

Alan Clarke, One North East Chief Executive, said: “It is vitally important that businesses can access the finance they need during these tough economic times. “These are very much key sectors in the future growth of the North East economy and the investment in these funds is helping businesses now while putting in place the foundations for the future.”

For more information on the funds, go to www.businesslink.gov.uk/northeast.

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