Member Article

A solution to all your funding problems!

At last, the long- awaited £125m Finance for Business North East Fund has been launched!

The Fund, formerly called JEREMIE, can underpin business start-ups and most other businesses in the North East, with a viable business proposition being the key eligibility requirement.

Haines Watts Chartered Accountants has been closely following the launch of this fund and as a result has an in depth understanding of the various funding options available to businesses.

Based upon discussions with each of the North East Fund Managers who manage the funds, Haines Watts is well positioned to help businesses clarify which funds are best suited to their needs and how to approach an application for funding.

Commenting on advice and guidance that can be given on the funds, Paul Duncan, Corporate Finance Partner at Haines Watts said “The new Fund enables us to help businesses fill many of the funding gaps that previously existed. Using the Fund in conjunction with bank funding and perhaps grant aid will be of enormous help to North East businesses.”

One North East has developed and led the project which aims to support 850 small and medium sized North East businesses over the next five years. Funding is in the form of unsecured loans and/or equity investments with individual investments ranging from £50k to £1.25m.

The Fund which is available to most North East businesses has been supported by the European Investment Bank and the European Regional Development Fund who have each contributed £62.5m.

It can be used in conjunction with other sources of income such as banks and business angels and is divided up into six separate smaller funds; the Growth Fund, Growth Plus Fund, Technology Fund, Seed Fund, Proof of Concept Fund and the Angel Fund.

In addition to this Fund, The Royal Bank of Scotland (RBS) has also recently launched a £1bn fund for the UK’s manufacturing sector.

RBS states that companies will be helped to invest in growth through competitively priced fixed rate loans with the option to defer repayment for up to three years. Loans will range from £250k to £25m.

Confused at which Fund suits your business needs best?

To find out more please contact one of the members of the Haines Watts Corporate Finance team listed below to arrange a free confidential consultation on your funding needs.

Paul Duncan – pduncan@hwca.com 07771763219

or Graham Cornforth – gcornforth@hwca.com 07855 300192

This was posted in Bdaily's Members' News section by fiona mills .