Northumberland scheme offers funding to new SMEs

A new scheme in Northumberland will help small businesses thanks to a new support package of over £1 million aimed at helping out new and upcoming companies that may need this funding to get started. The new package launched by North East Rural Growth Network, an organisation overseeing such grants, will allow any business with ten employees or less to create new jobs to help the local economy.

This money is being divided by DEFRA’s Rural Development Programme and comes as an addition to the already available £3.2 million that was invested in the original pilot network DEFRA created. The aim is to help small business owners to overcome some of the challenges that come up when trying to grow and hire new employees, especially when moving to remote location that may not have enough qualified workers on site.

One of the North East Local Enterprise Partnership (NELEP) board members told the press that the NELEP was happy to welcome this new small business fund which will help a lot of their members and incentivise more local economic growth. The fund will help small businesses across many rural communities such as Northumberland, Gateshead and Durham. These local regions don’t often have access to enough funding to grow to the level that they need.

Companies interested in applying to the new fund will have to send in an application along with the amount they request, which should be between £10,000 and £150,000 and they have to meet various criteria including 60% of project costs being covered by this grant.

Companies in relevant sectors will be able to plan their expansion thanks to this cash influx. The goal of the plan is to boost turnover and create new jobs, allowing businesses to reach markets that they would not have been able to otherwise.