Partner Article

North East ‘superfund’ launches

A new £125m ‘super fund’ was officially launched today aimed at supporting hundreds of businesses which will help lead the North East’s economic recovery.

The Finance for Business North East Fund was unveiled by Rosie Winterton MP, Minister for Regional Economic Development and Co-ordination, to businesses at an event at Ramside Hall Hotel, Durham.

The new fund - formerly called JEREMIE – aims to underpin the growth of business start-ups, technology-based companies and growing smaller businesses.

The fund’s organisers hope that it will help to support up to 850 small and medium-sized North East companies, over the next five years, with the aim of creating more than 5,000 jobs.

Rosie Winterton MP said: “I am delighted to formally launch the North East ‘super fund’.

“The recent economic situation has had a significant impact on the people and businesses of the North East. This venture capital fund is a key part of getting critical help to small and medium sized businesses to invest in the recovery.

“Along with other Government support measures, this will help ensure the region’s economic prosperity, helping hundreds of businesses and creating thousands of new jobs.”

Companies interested in accessing fund finance can register their details now at www.onenortheast.co.uk/financeforbusinessnortheast.

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