Over 50's prime target of European investment

Mature North East entrepreneurs are being targeted to fulfil their ambitions and set up their own business, helping create 180 new businesses and jobs.

The Prince’s Initiative for Mature Enterprise (PRIME) supports budding entrepreneurs by providing them with the confidence, supports networks and practical skills to take their first steps in business.

PRIME has been awarded over £340,000 investment from the European Regional Development Fund Competitiveness Programme 2007- 2013, which is managed by the Department for Communities and Local Government. Match funding is being provided by PRIME.

The project is helping to cultivate and sustain enterprise across the North East by supporting the over 50s to start up businesses, including social enterprises.

Cllr Foster, Deputy Chair of the North East European Regional Development Fund Programme Local Management Committee, which engages key partners in the overseeing of the strategic delivery of the Programme in the North East said:

“Setting up a business is a fantastic option for over 50s who have the experience and knowledge to create a successful business but just need the right targeted support to get their venture off the ground.

“This project is therefore great news for people who fit into this category in the North East as well as great news for the local economy which will be boosted by harnessing local expertise to create new businesses.”

PRIME will offer pre-start-up, start-up, incubation and development guidance and advice, as well as assistance with business planning, business systems and processes.

Teresa Folkes, Director of Client Services for PRIME, said that the funding received will go towards helping aspiring mature entrepreneurs in the North East go on to set-up their own businesses, leading up to 180 new enterprises in the region, as well as employment opportunities for other people.

She added: “Unemployment in the North-East remains stubbornly high and young people aren’t the only ones who are finding it tough in the job market as older people are also struggling to find employment opportunities. This is definitely something to be worried about as people are living longer and will need to continue working in order to support themselves and their families.

“Older people have a wealth of skills and experience to make a valuable contribution to their communities, as well as the economy. We are delighted to receive this funding as it will support PRIME and expand our services in the North East helping even more unemployed over 50s in the region get back into fulfilling and sustaining work.”

PRIME has previously helped people like Anne Williams, from Newcastle, who began her career with Proctor & Gamble, before going on to work for the BBC, as well as the public and private sectors. However, she was set-back by being made redundant and an accident left her with two slipped disks.

Anne came up with an idea for a virtual personal assistant business, offering secretarial services, events co-ordination and travel planning for small businesses. With little to no experience of setting-up an enterprise, Anne attended one of PRIME’s business training courses and went on to establish LinchpinPA.

The European Regional Development Fund Competitiveness Programme 2007-13 is bringing over £300m into North East England to support innovation, enterprise and business support. It will help create and safeguard 28,000 new jobs, start 3,000 new businesses and increase the productivity by £1.1bn per annum.