New North East investment fund aims to drive economic growth
North East Mayor Kim McGuinness has launched an ambitious initiative to create 2,300 new jobs and support the region’s small businesses.
The new £70 million North East Investment Fund, provided by the Combined Authority, is designed to back innovative companies and help small firms scale up.
Over the next 15 years, the venture capital fund could unlock up to £350 million in total investment, including £170 million in private sector co-investment.
The fund is set to support 470 regional businesses, driving economic growth and creating thousands of new jobs.
North East Mayor Kim McGuinness said: “Small businesses are the beating heart of our economy and I want to help them grow and create thousands of new jobs and real opportunity in the local high streets, back lanes and trading estates across our region.
“That’s why we are investing £70 million to unlock the support we have been missing to fund young business growth, create jobs and support the brilliant and creative people who just need funds to take the next big step to success.
“We have no time to waste to grow our economy, so I want to see this new North East Investment Fund striking its first deals within weeks.”
Whether you are a small business or a multi-national market leader, Drum Business Park is the perfect place to locate and run your business.
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