Member Article

Enterprise Programme awarded £900,000 ERDF Funding

An enterprise programme in North Tyneside has been awarded a further £900,000 to help it to continue helping hundreds of disadvantaged people in the area.

The Business Factory received an investment of £750,000 from the European Regional Development Fund two years ago, and due to the success of the centre they have now been awarded a second round of funding.

Between August 2009 and March 2011 the Business Factory helped around 1,400 people with enterprise support, many of whom came from North Tyneside’s deprived wards.

It is hoped that the centre will now be able to help a further 1,400 people between now and November 2014, creating 350 SMEs and 350 jobs.

Communities Minister Baroness Hanham CBE, said: “Further investment will ensure that the successful work carried out to date will continue to be built upon in a bid to continue tackling unemployment in North Tyneside.

The project already has the advantage of having robust management systems in place, and further European Regional Development Fund investment will deliver real results in term of the numbers of businesses created and supporting these businesses to ensure their survival.

“European investment will help maintain the momentum of the existing programme and offer further and intensive support to people in North Tyneside, continuing to break down barriers while also contributing to closing the gap between the self-employment rate in the borough compared to the national rate.”

The project will now look to help priority target groups, including those who are looking to start a business, people who are unemployed due to redundancy, under represented groups, and people living in disadvantaged areas of North Tyneside.

Elected Mayor of North Tyneside, Mrs Linda Arkley said: “By supporting our residents through the Business Factory we have been able to introduce more than 300 new businesses into our borough over the last three years.

“They are businesses built on brilliant ideas and a drive and commitment to make a difference. Importantly, as they establish and grow they have the potential to support innovation, drive our economy and create jobs for our residents. That’s great news for them, but also for North Tyneside.

The European Regional Development Fund 2007-13 will bring over £300 million into the region to support business growth, and will help to create and safeguard 28,000 new jobs.

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