Member Article

Growth fund helps 500 businesses

A fund which provides financial support for growth projects has so far helped over 500 North East businesses and is urging more to apply for its assistance before funds run out

Investment for Growth is part financed by the European Regional Development Fund. Delivered by The Investment Centre, it provides funds to North East businesses to help them grow, create and safeguard jobs.

Launched in early 2012 it has so far provided over £2 million of grants to more than500 of the region’s businesses.

Cheryl Blakey, senior project manager of Investment for Growth, said: “We’ve had a phenomenal response so far and it’s fantastic that we’ve been able to help so many companies.

“Investment for Growth is making a real impact. It’s safeguarding jobs and boosting the region’s economy. But there’s still more to do and still funding available if people apply quickly.”

The fund can provide grants of up to 40 per cent to firms in the North East which are looking at projects to help them grow their business.

Cheryl said: “We’re working hard to help but businesses have to get in touch and apply soon.”

Dunelm Geotechnical and Environmental Ltd, based in County Durham, has benefited from working with Investment for Growth.

The firm, which currently employs 20 people, has already created one new position and is to create several more thanks to a growing order book and expansion support.

Company director Ann Izatt-Lowry, 47, said: “We’ve been largely unaffected by the recession but saw that in order to grow we needed to be slicker in how we operated and achieve certain ISO accreditations.

“Applying for the accreditations involved looking at how we could become more environmentally aware which is seen as an essential requirement in order to win work with many public sector organisations.

“We’ve now put into practice much of the advice given to us by the business consultant. Thanks to the support we’ve received from Investment for Growth we’re now winning new contracts across the UK and as a result are looking to recruit more staff.”

Investment for Growth is delivered by The Investment Centre. To be eligible for funding, 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 Ian Benet .