Investment for Growth Provides Vital Funds to SMEs; ADVERTISEMENT FEATURE

The Journal (Newcastle, England), December 11, 2013 | Go to article overview

Investment for Growth Provides Vital Funds to SMEs; ADVERTISEMENT FEATURE


OVER the course of 2013 more than a million pounds of vital grants have been made available to North East SMEs through the Investment for Growth fund - with more on offer next year.

Delivered by the Investment Centre in Seaham, Investment for Growth has helped 348 businesses across the region to access vital funding, leading to all-important job creation and economic growth.

Through providing subsidies of around 30 to 40 per cent to eligible projects that stimulate growth, the work of the fund has safeguarded 733 jobs and created over 600 jobs this year alone.

The project was planned to draw to a close at the end of this year, but secured further financing from the European Regional Development Fund to extend its work into 2015, giving a strong indication of its success to date.

Paul Whitecross, Senior Project Manager of Investment for Growth said; "2013 has been a fantastic year for us and we can look back at the year with a sense of pride. We've continued to support businesses across the North East and made a real impact to the economy. But there's still more to do and we are delighted to have funding available for businesses next year."

A team of dedicated Investment for Growth advisers works with SMEs from as far North as Berwick and down to Teesside, helping to guide firms through the preparation, submission and follow up of their applications for funding.

Adviser Dianne Barkas said; "Virtually every business I've dealt with has been pleasantly surprised at how quickly their applications have been approved and the funding made available. It's something we really pride ourselves on."

One business already benefitting from the extra funding is DekoFlake, a specialist in high quality industrial and commercial grade resin floor and wall finishes, based in Sunderland.

The fledgling firm started trading in the first quarter of this year, and has experienced rapid growth in both international and domestic markets which its computer systems have struggled to keep up with. …

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