Member Article

Enterprise Bond hits £5m target

An ambitious initiative to transform enterprise culture across the region – the North East Enterprise Bond - is celebrating today after raising funds exceeding its £5 million target at the close of its investment period.

This goal was reached after numerous private individuals, businesses and local councils from across the North East invested in the Bond – money which will be recouped in full upon the bond maturing in five years time. The Bond’s administrator, Citylife, has confirmed the North East Enterprise Bond is the biggest of its kind in the UK, beating bonds in London and Sheffield.

This funding will secure the purchase and running of a number of vehicles, which take the concept of enterprise to the streets. Working in partnership with highly creative enterprise promoters, including Big Ideas, People into Enterprise and Newcastle Education Business Partnership, the vehicles will be fully equipped to accommodate innovative workshops and activities. These will serve as a catalyst to help educate and inspire people in communities, of all ages and backgrounds to realise their skills, to think in an enterprising way and to consider setting up their own business or social enterprise.

This month sees the arrival of the first Launch Pad which will set out on a trial trip this November visiting various North East communities before its official launch and tour in January 2007. The launch of the North East Enterprise Bond, which took place in April at one of the region’s newest creative centres, Dance City, follows the success of the Newcastle Employment Bond. This matured in June 2006 after helping thousands of the city’s unemployed and ‘unemployable’ population into work and quality training programmes, with a number of them being helped to establish their own enterprises.

This was posted in Bdaily's Members' News section by Ruth Mitchell .