1,000 North East businesses could unlock investment with new finance project

A new programme is set to transform the way businesses across the North of Tyne will access finance.

Addressing long-standing barriers facing North East based and non-traditional founders, Pathways to Funding North of Tyne will receive £900k from the North of Tyne Combined Authority (NTCA) to enhance and simplify the journey businesses take when securing finance.

Open to businesses and socially trading enterprises operating across Newcastle, Northumberland and North Tyneside, the programme forms part of a wider package of investment support and opportunities for businesses funded by the NTCA.

It will be led by innovation finance specialists and business support providers Innovation SuperNetwork, in partnership with North East Enterprise Agency, North East Growth Hub, NorthInvest and Fund Her North.

Estelle Blanks, CEO at Innovation SuperNetwork, commented: “We’ve been supporting start-up and scaling enterprises for over a decade, and it has become increasingly clear that we need more simplified and inclusive access to funding for businesses and entrepreneurs operating in the North East.

“Through the launch of the Newcastle Angel Hub in 2019, we have steadily started to build the capacity we have for businesses to access equity, and leverage further funding, especially for female founders.

“However, there is much work to be done to support more businesses, open pathways for under-represented groups and encourage more investors to look to the North East when searching for opportunities. This investment from the North of Tyne Combined Authority will help us grow this capacity.”

Building on the already established Newcastle Angel Hub, the project will develop an investor hub that will attract funds, including those from patient capital, VCs, banks, debt providers, public funding grants and others. It will also educate and connect high net-worth individuals with investment opportunities from across the region.

By improving the region’s ‘access to finance’ ecosystem, Pathways to Funding North of Tyne will ensure more businesses and social enterprises can secure investment and increase capacity for an engaged investment hub, with more investors and funds located within two hours of the North East.

Jason Hobbs, chief executive at North East Fund, added: “We welcome the launch of Pathways to Funding North of Tyne. The success of The North East Fund, our regional companies, and the North East economy depends on the networks and relationships that can bring entrepreneurs, angels and investment funds together.”

By Matthew Neville – Senior Correspondent, Bdaily

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