Partner Article

£2m enterprise fund helps create jobs and businesses in the region

Over 1,700 jobs and 400 business are set to be created in the region, thanks to a new £2 million business support programme.

Over the next 2 years SMEs in the region will be given the the opportunity to receive a variety of support mechanisms form Local Enterprise Agencies, including ‘Boot Camp’ workshops, support from an Enterprise Coach and one-to-one mentoring.

The support will be available to pre start and high growth businesses, as well as 164 existing SMEs.

Entrepreneurs from communities in all parts of the North East from North Northumberland to the Tees Valley will have access to this business support programme which will provide them with a real opportunity to contribute to the local economy.

Communities Minister Baroness Hanham CBE said: “A significant number of new businesses and new jobs will be created as a direct result of this project ensuring pre-start businesses can harness their full economic potential.

“Private sector growth is vital to a strong economy, particularly in the small and medium enterprise sectors, and this project will play an important role in strengthening the North East’s business base contributing to the growth of the local and national economy.”

Funding for the project has been provided by a variety of sources including £1.06million from the European Regional Development Fund and the North East Enterprise Agencies Limited (NEEAL), who have matched this amount.

NEALL was established in 2007 to bring together the regions enterprise agencies, all of whom provide non-profit support to enterprise throughout the North east.

Chairman of NEEAL, Paul McEldon said: “This funding will enable us to establish a regional and fully cohesive offering for potential business start ups across the region.

“This will ensure accessible and high quality business support is available to anyone considering starting a business which, given the uncertain environment and the importance of rebalancing the North East economy, is fantastic news for the North East as a whole.”

NECC Director of Membership and Policy, Andrew Sugden:

Against the backdrop of the Government’s deficit reduction plan, this funding, which is targeted specifically at North East SMEs, must be welcomed.

Support for emerging businesses will help ensure they reach their full potential and contribute towards economic growth in the North East.

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