200 companies ask about business support money

Jan 22 2010 by Peter McCusker, The Journal

ALMOST 200 North East companies have so far asked about securing cash from the new £125m fund which will support businesses in the region over the next five years.

The Finance for Business North East Fund is being officially launched today and has attracted widespread attention as the first of its kind in the country.

The fund, originally named Jeremie, will be officially unveiled by Rosie Winterton, Minister for Regional Economic Development and Co-ordination, to scores of businesses at an event at Ramside Hall Hotel, Durham.

It aims to underpin the growth of business start-ups, technology-based companies and growing smaller businesses through targeted loans and equity investments.

Over the next five years, it aims to support up to 850 small and medium-sized North East companies, with the aim of creating more than 5,000 jobs.

Rosie Winterton said: “I am delighted to formally launch the North East ‘super fund’. The recent economic situation has had a significant impact on the people and businesses of the North East.

“This venture capital fund is a key part of getting critical help to small and medium-sized businesses to invest in the recovery.

“Along with other Government support measures, this will help ensure the region’s economic prosperity, helping hundreds of businesses and creating thousands of new jobs.”