Member Article

North East Investment Fund ‘on the way to achieving its goal of creating at least 2,300 new jobs’

The North East Investment Fund, administered by the North East Local Enterprise Partnership (LEP), has reported that it has now invested over £58 million into the regional economy.

Set up to support projects which result in new jobs and economic growth, the fund has given grants to more than 20 schemes, using Regional Growth Fund and Growing Places Fund money to back the projects.

Jeremy Middleton, Chair of the North East LEP’s Investment Panel, said: “The North East Investment Fund exists to provide finance to projects which will result in a real boost to the region’s economy, whether that is via the creation of new jobs or through benefits to transport, connectivity and infrastructure. It is a loan finance scheme designed to support projects which meet the minimum threshold size and which can repay the loan, making it available to re-invest.

“As well as supporting 22 separate projects, the fund is already well on the way to achieving its goal of creating at least 2,300 new jobs in Tyne and Wear, Northumberland and County Durham.”

Stephenson Quarter progress

One of the first developments to be allocated funding was the Stephenson Quarter site in Newcastle which will result in the creation of 2,000 jobs and a £100 million yearly contribution to the region’s economy once the project is completed.

Phase one of the Stephenson Quarter development, which was supported by a £1.7 million loan from the North East Investment Fund, included the completion of the 251 room Crowne Plaza Newcastle hotel, the adjacent multi-storey car park and The Rocket – a 35,000 square foot office building.

Support from the City Council and the North East LEP enabled Clouston Group, the developer of the site, to agree funding deals with RBS, Aviva and Galliford Try Construction.

Jeremy Middleton added: “The Investment Fund is designed to support projects that will ultimately create jobs and improve the economy of the North East.

“Stephenson Quarter is an outstanding example of this – the Crowne Plaza Newcastle alone has already led to nearly 200 new jobs and the newly completed Rocket building is now receiving enquiries from North East businesses keen to take up residence in its office space.”

The next phase of development includes the refurbishment of the Boiler Shop to create an improved event space, scheduled to be finished in July 2016.

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