Fund increase at Investment for GrowthBy Matthew Ord, Digital Staff Writer
Investment for Growth is increasing the value of the project size it can consider when awarding funds to the North East's small to medium-sized enterprises (SMEs).
The scheme, funded by the European Regional Development Fund, has increased its upper limit to £15,000.
Investment for Growth awards funds to SMEs which are planning to improve their business through investing in growth projects, and provides grants of up to 40 per cent of the total project value, meaning the scheme can now award up to £6,000 towards the cost.
Karen Jones, project manager at Investment for Growth, said: "While our upper limit has increased to £15,000, we would still encourage businesses with project sizes slightly above the threshold to contact us, as we may have a degree of flexibility in the awarding criteria; we want to be able to support as many regional SMEs as possible further boosting the local economy.
"We've already helped more than 1,000 North East-based businesses to create more than 1100 new jobs and safeguard more than 1500 existing roles.
"We continue to receive a steady stream of new applications, and given this news expect many more, so we would encourage businesses to talk to us at the earliest opportunity."
The fund is expected to run to the end of December 2014, and possibly into 2015, at which point it will come to a close.