NEA2F has appointed Viking Fund managers, part of the Braveheart Investment Group, to develop a broad network of active business angel investors to operate across the North East similar to the way Yorkshire Association of Business Angels (YABA) now operates in the Yorkshire and Humber region.
As small companies and start-ups struggle to obtain loans from banks and building societies, it is hoped private investment will provide them with the boost they need.
Andrew Burton, Managing Director of Viking Fund Managers said, growing an effective and sustainable network takes time but we’ve demonstrated that it can be done. We’re planning a number of activities to bring new business angels into play, to raise the levels of investment and to help improve the support available”.
Hugh Morgan Williams, chairman of NEA2F, said: “This new angel network will operate specifically in the North East and will be a godsend to small and medium-sized businesses.
“Through the experience Viking Fund managers has over the last 15 years, growing and developing the Yorkshire association of Business Angels (YABA) into one of the UK’s premier angel networks, North East deals will be exposed to angel investors in Yorkshire and Scotland. NEaBA will also encourage new angels from the North East to come forward. We have some great entrepreneurs and start-up companies, which could bring huge benefits to the region if they had the money they need to bring their ideas to life and develop them.
“The banks are being very slow to help and so the best way forward is through private investment. Of course business “angels” don’t just offer cash – they also offer practical advice and experience.”
The angel network is the latest in a raft of initiatives organised by NEA2F to help the region’s SMEs.
For more information on the Angel network visit www.neaba.org.uk
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