Applications have officially opened for the North East Fund, a major initiative designed to support local entrepreneurs and small businesses, create 2,300 new jobs, and help at least 470 innovative firms over the next 15 years.
Backed by £70 million from the North East Combined Authority, the fund delivers on Mayor Kim’s pledge to give businesses the capital they need to grow, innovate, and succeed. The initiative includes two key funding streams:
- North East Elevate Fund – providing loans from £50,000+ for companies seeking growth finance, such as purchasing machinery, expanding premises, hiring staff, or launching new products. It also offers mixed loan/equity investments up to £1 million for established businesses.
- North East Accelerate Fund – investing £50,000 to £1 million in innovative, early-stage companies from start-up to scale-up stages through equity investment.
Kim McGuinness, Mayor of the North East, said:
“Small businesses are the beating heart of our economy. By opening the new North East Funds for applications, we’re giving local entrepreneurs and business owners the support they need to create jobs and drive real opportunity in innovative businesses across our towns and trading estates.
“We aim to create 2,300 new jobs over the next 15 years by backing at least 470 small firms and start-ups to grow and I expect to see the first deals struck within weeks now that applications are open. This is the dynamic and accessible fund North East firms have been waiting for.”
To ensure accessibility, the North East Fund team will host roadshow events across all seven local authority areas, giving business owners the chance to meet fund managers and learn about opportunities, get practical guidance on the process, as well as hear from local leaders and peers.
Chief Executive of the North East Fund, Jason Hobbs, added:
“Access to the right finance is vitally important for startup, scaling and growing businesses, so we are delighted to build on the success of the existing North East Fund with the launch of these new funds.
“The North East is home to a fantastic range of businesses and entrepreneurs, and the new fund presents a wonderful opportunity for them to make a real impact on the region’s economy.”
This ambitious programme aims to drive economic growth and opportunity in every corner of the North East, supporting businesses to scale and thrive.
Image credit: iStock
