The £125m Finance for Business programme provides debt and equity finance from £1,000 to £1.25m to SMEs based in, or relocating to, the north east of England, with the aim of helping them to start up, develop or grow.
The fund is financed jointly by a loan from the European Investment Bank and grants from the European Regional Development Fund and UK Government. It is expected that the fund will complete investment by 31st December 2014 with the realisation period running until 2020.
There are seven individual funds designed to provide a range of investment, as follows:
- North East Micro Loan Fund
- North East Proof of Concept Fund
- North East Technology Fund
- North East Accelerator Fund
- North East Angel Fund
- North East Growth Plus Fund
- North East Growth Fund
To be eligible for support, a business must be:
- a small or medium sized enterprise (SME)
- based in or relocating to, the north east of England
- operating in an ERDF eligible sector