Member Article

£10m funding boost for NE business

The European Regional Development Fund Competitiveness Programme is investing almost £5 million in the region, in a move which will create or safeguard around 1,500 North East jobs.

The money will go towards the Investment for Growth Project, and will be match funded by SME contributions.

Business & Enterprise Group will deliver the project using their expertise in helping businesses identify new opportunities. By 2012 they hope to assist almost 800 new and established small and medium enterprises to integrate skills into the workplace, and help a further 720 to improve their performance.

Alastair Maccoll, chief executive of the Business & Enterprise Group, said: “This is exactly the type of initiative we need to help North East businesses prosper and grow.

“The funding support provided through the European Regional Development Fund Competitiveness Programme is of vital importance to the businesses in the region, and this new project will allow us to further enhance our comprehensive portfolio of services designed to help businesses in the North East to invest in growth.”

The project also hopes to increase prosperity in the North East, and reduce the Gross Value Added gap between the North East and the rest of England by £23,394,144 by December 2013, increasing to £49,992,940 by December 2014.

The scheme will now make 2 types of support available to businesses, including 6 hours of advice or a 40% financial contribution towards external consultancy. Successful businesses will be identified on the basis of a selection process balancing developmental needs, capacity for growth and the ability to support investment.

Communities Minister Baroness Hanham CBE, said: “I’m pleased that the provision of this funding will increase the prosperity of the North East through helping businesses to increase their turnover resulting in business growth and the creation and safeguarding of a significant number of jobs.

“It is the help of experts in providing support, mentoring and specialist advice, which enables businesses to grow confidently.”

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