After much delay, it was brilliant to hear recently that the £120m fund to support the growth of businesses in the North East region is set to go live early this year.
Also known as the 'JEREMIE' fund, the entire focus is to provide an array of equity investments and loans to support the growth of organisations in the North East Local Enterprise Partnership (LEP) area.
The fund is an important part of investment into the region, sitting directly alongside the Northern Powerhouse Investment Fund (NPIF), collaboratively driving growth to what's expected to be thousands of Northern businesses.
Specifically regarding the North East Fund, over 600 businesses are anticipated to be supported, with over 3,500 jobs created as a result.
Speaking about the recent news, Helen Golightly, executive director for the North East LEP, explained “Our project team has been working continuously with HM Treasury and the EIB behind the scenes to make this fund a reality. Both have been committed to the new Fund from day one and we are grateful to them for their support. This hugely positive decision, though still subject to contract, is a real coup for the north east and, critically, enables us to retain independence and local control over how these funds are used."
Got a question about the fund and how it can support you and your company in the region? Drop me a line and I'd be happy to discuss the benefits.