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400 and counting for Investment fund

GROWTH grants worth more than £1,800,000 have now helped over 400 North East businesses to grow, create and secure jobs.

The Investment for Growth fund helps businesses by providing finance for development and growth projects - and funding is still available.

Tracey Watson, senior project manager of Investment for Growth, said: “In total we’ve been able to support 431 businesses with projects which is fantastic and everyone of these businesses is a success story.

“I now want to get the message out there to business owners that funding is still available to them so they can create their own success story.”

In total £4.9 million has been made available to support North East businesses through the European Regional Development Funded scheme.

One the many firms to benefit from the fund is North Shields based Quick Hydraulics.

Managing director Andrew Esson bought the business in 2011 and quickly decided to develop the company’s marketing strategy in order to expand its customer base.

Investment for Growth provided 40% of the money needed by the company to produce a new website and marketing materials.

The company, which manufactures and sells hydraulic systems, has now rapidly expanded adding seven new staff to its team and winning new business.

Mr Esson, 49, said: “Since buying the business I’ve taken the proactive step of investing in facilities and people. Staff numbers now total 21 and that includes three new apprentices.

“My goal has been to shape Quick Hydraulics in to a leading UK hydraulics company

“A new website was essential for this and thanks to the help and support received from Investment for Growth we’re on the way to achieving that.”

Mr Esson has over 27 years of experience working in engineering and is board director at business development group NOF Energy.

He added: “The Investment for Growth application process was simple, straightforward and my application was approved quickly.

“The team at Investment for Growth really bought into what I was trying to do with Quick Hydraulics and were very supportive, I would recommend it to anyone.”

Paul Brown was the Investment for Growth advisor appointed to support Quick Hydraulics through the application process.

Mr Brown said: “Quick Hydraulics is a great example of a North East manufacturing company that exhibits confidence by investing in its future.

“This investment has demonstrated Andrew’s desire and intent for Quick Hydraulics to be at the centre of North East manufacturing excellence.”

The Investment for Growth fund, delivered by the Investment Centre, is available to new and established businesses but funds are limited so business owners need to urgently apply.

Mrs Watson said: “Grants of up to 40% are still available to firms in the North East wanting to put into place business development projects.

“Should any business wish to apply, a team of advisers will help guide the business through the preparation, submission and follow up of the application process.”

To be eligible, businesses must be based in the North East and provide a business-to-business product or service.

To find out about Investment for Growth call 0191 426 6408 or email enquiries@investment4growth.co.uk.

This was posted in Bdaily's Members' News section by Investment for Growth .