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North East England led the way in the provision of publicly backed investment funds to support local SMEs. North East Access to Finance oversees the investment returns generated by these funds, which were supported by the European Regional Development Fund (ERDF) and UK Government.
We work closely with Local Enterprise Partnerships and funders to re-invest returns, and to secure match funding, for the benefit of future North East businesses. We have also commissioned research to provide a sound evidence base underpinning how these funds operate.
The new North East Fund will be a suite of publicly-backed venture capital and loan funds, operating on a ‘Fund of Funds’ model, supporting small and medium enterprises in the North East Local Enterprise Partnership Area in the period from 2017 until 2023. It will allocate around £120m of capital between five individual sub-funds, each managed by an FCA authorised fund manager, and will build on the success of the North East JEREMIE fund, which invested £160m between 2010 and 2016. The fund is delivered by its own Implementing Body, made up of experienced personnel based in the North East. More details can be found here.
Meanwhile, Tees Valley Combined Authority is part of the wider area covered by the Northern Powerhouse Investment Fund. Details of this initiative can be found here.
These funds will receive significant contributions from ‘legacy’ returns held by North East Access to Finance, alongside ERDF and European Investment Bank funding. To date, over £25m of legacy cash has been generated for re-investment in new initiatives.
For business support advice, please call the helpline on 0300 456 3565 or use the online search facility at www.gov.uk/business-finance-support.