Member Article

Investment for Growth: what you need to know

Tracey Watson, Senior project manager of Investment for Growth discusses job creation, investment and growth in the North East, and how small and medium sized businesses can benefit from a new fund available specifically for the region.

Nissan’s announcement that it will be building its new hatchback model in the North East is fantastic news. Not only will it safeguard hundreds of jobs and create new ones within the firm’s plant in Washington, but the knock-on effect for other local supplier businesses will be huge in terms of new business and job creation.

Being aware of how to capitalise on such opportunities as an SME is key - not just to success, but also to survival. The economy is still in fragile, so it’s vital to take advantage of business development opportunities wherever possible.

Don’t be afraid to refocus on new priorities and don’t be reluctant to seek advice from outside business specialists and agencies if need be. Standing still in this economic climate is hazardous.

Accessing the funds and support available to you as an SME can help you to monopolise existing opportunities and increase your turnover.

If you are putting into place business development projects to help grow your business, did you know that there are grants of up to 40% of the total project value available to you?

Investment for Growth has been specifically set up to support SME’s and give them a direct route to financial assistance. Part financed by the European Regional Development Fund (ERDF) and delivered by the Investment Centre,the fund will bring investment of around £10 million into the economy.

Reviewing your business’s activities with the help of independent expert advisors can provide a valuable insight into streamlining your operations to become more cost efficient, attract new business and become more profitable.

Through Investment for Growth, you can access an experienced business adviser who will support and guide you through the whole process, while a dedicated brokerage service is available to help you find the right service provider for your project.

Already the Investment for Growth fund has had a huge number of applications for the programme.

Times are challenging at present, the North East has the lowest growth of job appointments in the country – a key indicator of current growth levels. But a huge injection of investment such as this could propel us to become one of the best regions in the UK to grow a business.

You can be a part of that success, but now it is more important than ever to stay focused on your business’s objectives and grab every opportunity wherever possible.

The fund is able to help both new and established businesses including social enterprises, and runs until December 2013.

To be eligible your business must be based in the North East, have fewer than 250 employees, and a turnover of less than 50 million euros and provide a business to business product or service

If you would like to access the programme call 0191 426 6408 or visit www.investment4growth.co.uk.

This was posted in Bdaily's Members' News section by Investment for Growth .