Business Funding Boom for North East
A new £1.8 million North East Business Support Fund, specifically aimed at small and medium sized enterprises (SME’s), has been announced today by NBSL a North East Enterprise Agency. This will be welcome news in today’s testing financial climate.
As a result, SME’s based in the North East now have the opportunity to source funding and advice to get their businesses moving forward. Up to 40% funding is available, to a maximum of £1400, for business improvement projects. This fund will help businesses to bring in the expertise they need to help them develop and grow. This may include specialist advice and assistance with business growth planning and/or developing specific core areas of the business – products, processes, finance, marketing or people. Also applicable for funding is expansion planning, web design or development, marketing/brand design, succession planning and product development.
Up to 1300 individual businesses in the region are expected to be supported by theNorth East Business Support Fund.
John King, North East Business Support Manager for NBSL, gives further details:
“We want to increase opportunities for businesses by putting them in the position where they can compete more effectively locally, nationally and internationally. We want to help them become more competitive, more sustainable and to help them grow.”
“We are fully aware that businesses do not have the time to spend hours applying for funding, so we have ensured that it is a simple fund, with a simple application process, but with the intention of achieving very dynamic results.”
To be eligible for a slice of this funding, businesses must meet the following criteria.
- Be a registered SME business based in the North East of England. This means fewer than 250 full time employees and an annual turnover not exceeding €50 million.
- Have already commenced trading (have issued their 1st invoice)
- Be preparing to grow over the next three years (staff or turnover)
- Have a project that equates to 12 hours or more support
- Have a predominantly Business-to-Business client base
- Have received no NBSL L&M funding since 1st April 2011
John is keen that the fund achieves the maximum impact throughout the region: “It offers North East businesses access to business improvement support at its very best. For some time now, funding support at this level has not been available, so we’re already experiencing a very high demand”.
NBSL’s strength is in their team of Business Advisors who have experience working with local, regional and national partners. They will also gives companies advice on finding the right provider for the support required and links to other complementary funding in the North East.
On hearing the announcement of this new funding, Tony Wright, Managing Director of PWA Unlimited, a Tyne and Wear based Service Provider who are Business & Personal Development Specialists said:
“This is very timely funding which will help businesses make real improvements to the way they operate. In addition, it presents a fantastic opportunity for those companies who know what they need to do to improve their businesses but have been held back due to a lack of financial support. NBSL are very easy to work with and I know will help to make the application process as smooth as possible”
NBSL have worked with businesses and service providers to minimise the application process ensuring busiensses get the support they need as quickly as possible.
To conclude John said:
“Many companies may not have had this kind of one to one support before, so we have taken things back to the basics. We can help them look at their marketing strategies, plan for growth, develop their web platforms or help them to grow as professionals in their field. This is a package that is intended to have a truly positive impact for businesses across the region.”
Companies wanting further information about The North East Business Support Fund should contact NBSL on 01670 813322 visit http://www.nbsl.org.uk/what-we-do/we-help-businesses-to-develop or contact John King – [email protected]
