Mayor unveils £7.1 million business support package

A regeneration boss has announced a £7.1 million investment to help businesses across the North East manage rising costs, protect jobs and support future growth.

North East mayor Kim McGuinness said the funding will strengthen business support across the region, making it easier for firms to access advice, finance and funding at a time when many continue to face increasing energy bills, supply costs and other overheads.

Mayor McGuinness said: “This investment is about helping businesses deal with real pressures. 

“When firms are facing rising costs, it has a direct impact on jobs, and it makes it harder to make ends meet.

“With government also setting out new support to improve access to finance for small businesses, we want to make sure North East firms are in the strongest possible position to benefit. 

“We’re making sure businesses can get the right advice and support quickly, so they can deal with economic shocks such as rising energy bills, protect jobs and keep money moving in the local economy.”

The investment marks the start of a wider programme to reshape business support across the North East, with the North East Mayoral Strategic Authority (North East MSA) working alongside the region’s seven local authorities to provide tailored, locally delivered services that are easier for businesses to access and better connected to national funding opportunities.

Phil Witcherley, director of economic growth and innovation at the North East MSA, added: “This is an important step in keeping support local and making it easier to tap into national funding, including new finance measures announced by government, so businesses can manage costs now and plan for the future.”

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