Regional Growth Fund boosts north-east businesses

The government has hailed the impact the Regional Growth Fund has had on the north-east of England, saying that two new factories have opened because of it.

Small businesses in the area have benefitted from additional investment, including Tharsus in Blyth, which created 80 new jobs through £3 million of money for technology refurbishment.

Furthermore, a new £30 million facility, Neptune Quay, was created in Newcastle for Bridon International, which will help create some of the largest, most complex ropes in the world.

Business Minister Michael Fallon said: "Not only are both projects creating much-needed jobs for the area but the multiplier effect should not be underestimated in attracting investment and new business to the north-east.

"Seeing both of these projects come to completion is very encouraging and I wish Tharsus and Bridon every success for the future."

It comes after loan company borro found that lending to small businesses is up 41 per cent this year.

Posted by Thomas Fletcher

Date published 15 Nov 2012 | Last updated 15 Nov 2012