Nearly £1m is being made available to small and medium businesses in the North East via the Investment for Growth project, which has received further funding to continue into 2015.
The project, managed by BE Group, was planned to draw to a close at the end of this year, but its success so far in helping 800 businesses to create and safeguard over 2000 jobs has secured further investment from the European Regional Development Fund.
Senior project manager Paul Whitecross said; “We’re delighted to have secured additional funding to continue our work through to 2015, which we believe is testament to our success since the project’s inception in 2011.
“So far we have helped over 800 businesses to access £2.5 million of funding, and as a result of the extension a further 170 businesses will be supported creating and safeguarding 330 jobs.
“We hope to continue our work through to 2015, but we’re getting so many applications that it could be that we get through the money quicker than that, so we’re urging businesses to apply sooner rather than later.”
The fund, which provides grants of up to 40% of the total project value, is available to SMEs in the North East who are planning to improve their businesses through investing in growth projects.
It offers a direct route to financial assistance, access to an experienced business adviser, and investment for projects which will result in the creation or safeguarding of jobs.