Member Article

Grant support for SMEs extended

Small and medium sized businesses across the region are now eligible for grant support after changes to the way funding is distributed. Regional development agency One NorthEast has extended the regional coverage of its Selective Finance for Investment (SFI) programme, which means every SME, regardless of its location in the North East, will be eligible to apply for cash. In North East England, around 63 per cent of businesses fall within an Assisted Area, which means they are eligible for a grant. However, from January 1 this year, smaller businesses can apply for assistance irrespective of location.

Ken Samson, Business Finance Manager at One NorthEast, said: “This will be the first time that the whole of the region has had access to One NorthEast grant support so it really is good news for businesses everywhere. “We want to do everything we can to encourage companies to grow, so the extension of the SFI programme to allow all small and medium sized businesses, regardless of where they are situated in the region, access to funding will make a big difference. “I’m sure those companies, which under the old rules were excluded from grant support, will be taking full advantage of the changes by putting forward their case for SFI funding.”

Sarah-Jane King, European Policy Specialist Adviser at One NorthEast, said: “The extension of the SFI programme will build on the region’s successful negotiations with the Government and EU on Assisted Area status. It will take forward the Regional Economic Strategy by awarding grants to create or safeguard jobs or to enable businesses to expand or relocate to the North East.”

For more information on the SFI programme, log onto www.onenortheast.co.uk.

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