Member Article

Investment for Growth secures new funding for SMEs in North East

A grant of nearly £1million is available to North East SMEs via the Investment for Growth project, which has received further funding to continue its valuable work into 2015.

The project was planned to draw to a close at the end of this year, but its success so far in helping 800 businesses to create and safeguard over 2000 jobs has secured further investment from the European Regional Development Fund.

Managed by BE Group, Investment for Growth is aiming to help a further 170 businesses through the additional grant and has already received 45 applications for funding since July.

One business already benefitting from the extra funding is Deko Flake, a specialist in high quality industrial and commercial grade resin floor and wall finishes, based in Sunderland.

The fledgling firm started trading in the first quarter of this year, and has experienced rapid growth in both international and domestic markets which its computer systems have struggled to keep up with.

DekoFlake’s International Sales Manager, Keith Wilson said; “We badly needed a centralised system for all our data and communications to be stored on to cope with the sheer volume of work we’re handling, but getting a tailor made CRM package can be incredibly expensive. The funding has given us an opportunity to work with a reputable provider to put a system in place that will really help the business develop.”

DekoFlake has been awarded over a third of the funding needed for the CRM software, and as a result is already planning to hire two to three extra IT staff after the project’s completion.

Keith added; “The application process was made very quick, simple and straight forward, nothing was overcomplicated and the level of service and help from our adviser Dianne has been great.

“Our team at DekoFlake have been fire fighting the amount of business leads coming in over the past few months, but once our data’s managed in the correct manner with the CRM system it will make a big difference in how the business can move forward and develop.”

Senior Project Manager at Investment for Growth, Paul Whitecross said; “We’re delighted to have secured additional funding to continue our work through to 2015, which we believe is testament to our success since the project’s inception in 2011. So far we have helped over 800 businesses to access £2.5 million of funding, and as a result of the extension a further 170 businesses will be supported creating and safeguarding 330 jobs.”

“We hope to continue our work through to 2015, but we’re getting so many applications that it could be that we get through the money quicker than that, so we’re urging businesses to apply sooner rather than later.

“We are particularly interested to hear from businesses like Dekoflake who are in their first year of trading, and who we believe can use the support from Investment for Growth to expand more rapidly.”

The Fund is available to SMEs in the North East who are planning to improve their business through investing in growth projects and provides grants of up to 40% of the total project value. It offers a direct route to financial assistance, access to an experienced business adviser, and investment for projects which will result in the creation or safeguarding of jobs.

Paul added; “Every business is different, so our team of advisers will get to know your business and even if you don’t have a specific project in mind, we can still help to identify projects and funding to boost your growth.”

To be eligible your business must be based in the North East, have fewer than 250 employees, a turnover of less than 50 million euros, and trading on a business to business (B2B) basis. To access the Investment for Growth programme call 0191 426 6408 or email enquiries@business-enterprise.net

This was posted in Bdaily's Members' News section by Laura Emmerson .