North-east firms given funding boost

5th February 2013 | News

Small businesses in the north-east are to be on the receiving end of investment from the European Regional Development Fund Competitiveness Programme, it has been announced.

Around £6 million will be invested across 3,000 small firms in the area to help generate further economic growth over the next few years.

This will give each successful business 12 hours of support from experts, along with a 40 per cent subsidy towards the money needed for external help with growth.

Baroness Hanham, the Communities Minister, said that the help of mentors will "enable businesses to grow confidently".

"Private sector growth is vital to a strong economy, particularly in the small and medium enterprise sectors, and this project will play an important role in strengthening new and current businesses and contributing to the growth of the local and national economy," she noted.

It comes after the Confederation of British Industry revealed that manufacturing firms are confident of growth this year, despite falling orders.

Posted by Thomas Fletcher