Member Article

£1 million injection extends Investment for Growth project across North East

North East business investment project, Investment for Growth will continue until the end of 2014 thanks to an injection of £1 million extra funding.

The project was due to close this summer, but its success has led the European Regional Development Fund to invest more money - and now the scheme encourages all regional SMEs to take advantage before it closes.

Having already helped over 1,000 North East-based businesses create and safeguard over 2,000 jobs, it is estimated that the additional investment will be able to support a further 130 companies over the coming months.

Karen Jones, project manager, at Investment for Growth, said: “We’re delighted the project has been extended and it gives us an opportunity to support even more regional SMEs.

“We’re estimating the additional investment will allow us to help a number of businesses up to the end of this year. However, based on our experience to date, it could be that the fund is fully committed earlier than that. We continue to receive a steady stream of new applications, so we would encourage businesses to talk to us at the earliest opportunity.”

Managed by BE Group, Investment for Growth is able to award funds to SMEs in the North East who are planning to improve their business through investing in growth projects, and provides grants up to 40% of the total project value.

Karen continued: “Potential applicants shouldn’t be nervous of discussing their plans for the future with us. Investment for Growth is a direct route to financial assistance – it’s a grant so is non-repayable – and our team of business advisors walk you through the application process every step of the way, making it very quick and simple.”

Adept Professional Services, a specialist recruitment consultancy based in Hartlepool, was recently awarded an Investment for Growth grant, and is now in a stronger position than ever to win high value contracts, after gaining ISO 9001 accreditation with a perfect score.

Kelly Adamson, managing director of Adept Professional Services, added: “Working with our Investment for Growth business advisor was a really positive experience. She really took the time to get to know Adept and our future growth plans. Together, we identified that in order to realise our business objectives, Adept needed to gain ISO 9001 accreditation.

“Thanks to our advisor, the application process was extremely easy; she guided us through it step-by-step and the fund was awarded very quickly.

“As a result of the investment, I was able to work with a consultant to gain ISO 9001 accreditation, meaning we’re now in a better position than ever to tender for large-scale contracts, allowing Adept to grow well into the future.”

Businesses eligible to receive a grant from Investment for Growth must be based in the North East, employ fewer than 250 people, turnover less than 50 million euros, and trade on a business to business basis.

This was posted in Bdaily's Members' News section by Tom Keighley .