£120 million of funding opportunities for businesses in North East

Funding | North East

North East companies looking for investment to help grow their business, create jobs and deliver new innovations are being invited to events being held to mark the launch of the North East Fund (NEF), a £120m investment pot delivering significant funding opportunities to regional SMEs.

The events are open to North East companies who may be considering funding to develop new ideas, accelerate future growth or engage new technologies in order to unlock their potential.

They will provide a unique opportunity for business owners to meet with North East Fund managers and local economic development representatives to discuss the benefits of investment for growth, obtain information regarding the five separate fund categories available within the North East Fund and network with other organisations who have previously gone down the investment route to achieve success.

The next events taking place include Durham on Friday 25th May whereby £20m of the North East Fund has been specifically allocated for investment in County Durham companies, Newcastle on Wednesday 30th May, North Tyneside on Wednesday 13th June and Gateshead on Wednesday 20th June.

Andrew Mitchell, CEO of North East Fund Limited explained, “This is a great opportunity for regional business owners to come along, find out more about the North East Fund and what exactly is available to them in terms of investment opportunities.

“More than £120 million of investment is now accessible over the next five years through five different funds, namely The Venture Fund, The Development Capital Fund, The Growth Capital Fund, The Small Loans Fund and the Innovation Fund, and we anticipate over 600 businesses across the North East could directly benefit from it. This could also mean the creation of approximately 3,500 jobs which is a fantastic prospect for the region and will also create a legacy of around £80 million for further investment.”

The North East Fund is managed by The North East Fund Limited (TNEFL) and delivered through four specialist fund management organisations including Maven Capital Partners, NEL, Northstar Ventures and Mercia Capital Partners. It comprises of five separate funds that are available to SMEs across Durham, Sunderland, Northumberland, North Tyneside, South Tyneside, Newcastle and Gateshead local authorities.

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