A NEW fund has created a flurry of interest among North-east businesses with 40 applications in the first few weeks of its launch.

The Investment for Growth Fund will create and safeguard thousands of jobs in the region and put the North-east at the very heart of the country’s economic recovery.

One of the region’s most influential businesses, the Business & Enterprise (BE) Group will deliver the help needed to ensure that firms take advantage of the offer.

The fund will bring investment of around £10m into the economy, providing subsidies of around 30 to 40% to eligible North-east companies to undertake projects that will create or safeguard jobs.

Chief executive of the BE Group, Alastair MacColl said: “This is a fantastic programme and one which we will really relish delivering.

“It will make a real difference.

“A team of business advisers will help to guide firms through the preparation, submission and follow up of their applications.

“We will be able to see the concrete results of the programme both in economic and human terms. It’s about generating economic opportunity, jobs and growth - addressing key Government priorities.”

Initial contact will be followed by one-to-one sessions with business advisers who will support eligible businesses through the entire process; ensuring those projects most likely to result in business growth receive an appropriate level of subsidy.

The programme, which will be able to help both new and established businesses including eligible social enterprises, starts immediately and runs until 2014.