North East rural businesses set for further boost with additional £1m funding

Rural businesses in the North East are set for further support with the allocation of an additional £1m funding.

The North East Rural Growth Network has been awarded a further £1m by the North East Local Enterprise Partnership (LEP) to support rural businesses in the region.

Since 2016 The Rural Growth Network has supported over forty businesses, as well as helping to secure over £20m of public and private investment in the region.

The Strategic Economic Infrastructure Fund (SEIF) has reopened in the North East, in a bid to stimulate investment in the development of business infrastructure in rural areas.

The main aim of the fund, which is sourced from Local Growth Deal government funding, is to provide the infrastructure to enable businesses in rural locations to trade and grow, supporting micro-enterprises, SMEs and tourism assets.

Colin Bell, business growth director at the North East LEP, commented: “Over the last four years, we’ve seen a keen interest in the Strategic Economic Infrastructure Fund and through it, supported some significant developments that have stimulated further investment and regeneration in rural areas.

“The rural economy is an important contributor to the success of the North East overall and as such, we encourage more rural businesses looking to grow to apply to the fund.”