Member Article

North East LEP to provide a further £6m to support rural businesses

The North East Local Enterprise Partnership (LEP) is to release a further £6m from the Growth Deal Local Growth Fund to support rural businesses in the region.

The extra money will go to the Rural Growth Network (RGN), a scheme which helps stimulate growth for rural businesses spread across Northumberland, Gateshead and Durham through added funding and expertise.

Since its foundation in 2012, the scheme, which is one of five pilots nationwide, has helped around 200 new businesses establish themselves in rural areas and assisted more than 1,000 businesses with financial support or business advice.

The success of the scheme has also led to the creation of two further programmes: the Rural Business Growth Fund and the Strategic Economic Infrastructure Fund (SEIF).

North East LEP board member, Gillian Hall believes the extra cash reaffirms the LEP’s commitment to the region’s rural communities.

She said: “We are committed to ensuring that small to medium sized businesses located outside of our towns and cities have equal access to the finance they need to grow and thrive.

“Rural businesses have a huge part to play in supporting the regional economy and in creating more and better jobs for all. I strongly encourage entrepreneurs and business owners to take advantage of the opportunities that these funds provide.”