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Local Businesses set to benefit from £700,000 of European Funding

A new project set to help 60 businesses drive innovation, productivity and consequent growth in the local economy is being established in the region.

The North East Small and Medium Enterprise Innovation programme has secured £724,000 from the European Regional Development Fund managed by the Department for Communities and Local Government, and will help businesses over a 3 year period.

The schemed is being supported by the North East Business and Innovation Centre, who will provide match funding through SME contributions.

Businesses on the scheme will be given access to innovation experts, who will be able to help them produce new products and process, as well as creating and safeguarding jobs.

Councillor Foster, deputy chair of the North East European Regional Development Fund Programme Local management Committee believes the project will help to improve the economic stability of local businesses and the regional economy..

He commented: “This European Regional Development Fund project will help small and medium enterprises to understand the innovation process allowing them to achieve continuous innovation in the future.”

Businesses who are selected for the scheme will receive help to identify a specific area in their company that would benefit from innovative outside help. An experienced Innovation Specialist would then support the project in its entirety.

Paul McEldon, chief executive of the North East Business and Innovation Centre believes the project will help businesses to accurately identify where they need help.

He added: “In order to prosper businesses must innovate and whilst most would agree with the sentiment, it can be difficult to know where to begin the process.

“The North East Small and Medium Enterprises Innovation Programme is specifically designed to help businesses to be more competitive by giving them access to innovation experts and industry specialists and most importantly focuses on bottom line benefits.”

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