Partner Article

Private investment boost for local SMEs

SMEs are set to benefit from new investors after a new organisation was set up to provide cash for their businesses.

North East Access to Finance (NEA2F) will work with Viking Fund managers, to develop a network of investors to help small companies find finance.

It is often difficult for small companies to obtain bank loans, and it is hoped that private investors will provide much needed funds and support for businesses, in return for a stake in the companies.

Andrew Burton, Managing Director of Viking Fund Managers said: “Growing an effective and sustainable network takes time but we’ve demonstrated that it can be done.

“We’re planning a number of activities to bring new investors into play, to raise the levels of investment and help to improve the support available.”

Viking Fund Managers are experienced in helping SMEs find funding after growing and developing the Yorkshire Association of Business Angels over the past 15 years. This experience, alongside exposure to investors from Yorkshire and Scotland, will be a great boost to small and medium-sized businesses.

Hugh Morgan, Chairman NEA2F added: “We have some great entrepreneurs and start-up companies, which could bring huge benefits to the region if they had the money they need to bring their ideas to life and develop them.

“The banks are being very slow to help and so the best way forward is through private investment.”

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