New funding pot to boost county entrepreneurship
Sep 26 2008 by Graeme King, The Journal
A BUSINESS development scheme aimed at triggering multi-million-pound investment has been launched to boost entrepreneurship in Northumberland during the economic downturn.
Regional development agency One NorthEast has joined up with Northumberland County Council and Northumberland Strategic Partnership to launch the Private Sector Projects Fund to provide financial support to people and companies.
The fund is aimed at those in the Blyth, Wansbeck and Berwick areas who have plans to develop property for offices, manufacturing, service industries or tourism and leisure.
One NorthEast has contributed Single Programme funding of almost £1.5m, which is expected to generate a further £4m of private sector contributions.
The funding package will be operated by Northumberland County Council and is intended to build upon the successful Small Grants Scheme.
New-build or conversion projects will be eligible for up to 25% of their development costs.
The project will allow applicants to access funding of up to £138,000 each and priority will be given to those developments which will generate more than £100,000 of capital investment.
Neil Graham, acting head of regeneration at One NorthEast, said: “We know there are a lot of redundant buildings in Blyth, Wansbeck and Berwick which have enormous potential to be redeveloped and this fund is particularly geared towards maximising this potential. We’ve made this funding pot available to fill a gap which currently exists in Blyth, Wansbeck and Berwick where there have been limited developments in recent years.
“At a time of economic uncertainty, it’s vital we offer as much support as possible to companies and individuals to ensure a steady stream of new development, because a successful local business base will help attract inward investment.”
Alan Clarke, chief executive of One NorthEast, said: “This fund demonstrates One NorthEast’s ongoing commitment to help businesses during challenging economic times, complementing our £10m support package for companies during the credit crunch and financial assistance for firms hit by the recent floods.”
Coun Jim Smith, executive member for environment and regeneration at Northumberland County Council, said: “Investment in building assets will help attract inward investment and new jobs to the county and provide a firm base towards economic recovery, while safeguarding jobs for businesses wishing to expand existing commercial premises.”
Janice Rose, acting executive director at Northumberland Strategic Partnership, added: “Following on from the success of the Small Grants Scheme, which created 92 jobs and attracted more than £1m of private-sector investment into the county, we are delighted that One NorthEast has agreed to support this project.”
