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Access the loan funding you need through the North East Investment Fund.
If the answer is yes, you could access the loan funding you need through the North East Investment Fund.
North East companies looking to grow their business are encouraged to look at the North East Investment Fund as a source of finance.
The North East Investment Fund, (NEIF), administered by the North East Local Enterprise Partnership (LEP), is a capital loan fund, available to support projects in the North East LEP area, which will deliver local economic growth and create more jobs for the region. The North East LEP area covers Durham, Gateshead, Newcastle, Northumberland, North Tyneside, South Tyneside and Sunderland local authority areas.
The Fund was established to support projects that help maintain or improve an asset, which could be a new construction, expansion, renovation, or replacement for an existing facility or facilities. The projects must show how they provide an improvement, new feature or benefit, for example: expanding capacity, or purchasing new equipment.
To date, more than £58million has been invested into the North East economy thanks to the Fund. David Land, Chair of the North East LEP’s Investment Panel, said: “The North East Investment Fund exists to provide finance to projects that will result in a real boost to the region’s economy, whether that is via the creation of new jobs or through benefits to transport, connectivity and infrastructure.
With loans starting at £200,000, the flexibility of the fund means it’s been able to support a wide range of projects in both the public and private sector.
One of the first developments to be allocated money was the Stephenson Quarter development in Newcastle which was awarded loan funding of £1.7m. When fully completed, the project is expected to create 2,000 jobs and a £100m yearly contribution to the region’s economy.
The new Stellium data centre at Cobalt Business Park in North Tyneside aims to provide data storage facilities for regional, national and international companies and was supported by £2.5m from the North East Investment Fund. It is hoped that the data centre will attract new inward investment opportunities and encourage large companies to set up in the North East.
The completion of West Chirton North Industrial Estate, which received a £460,000 loan, resulted in the creation and safeguarding of jobs while the site itself provided space for a range of growing companies including three start-ups.
In Northumberland, Blyth Workspace transformed a vacant plot into first-class contemporary managed offices and is now home to a range of North East companies which have moved into the 21,000 square feet of new office space.
The North East Investment Fund - Some key facts:
The North East Investment Fund is an evergreen fund. Once funded projects are completed and their loans repaid, the money is re-invested and made available to support new projects.
Loans can vary in duration and are there to help support companies who may not be able to access the finance needed to complete a project from other traditional lenders.
Applications are evaluated against a number of key criteria:
Apply for the North East Investment Fund.
More details on the North East Investment Fund, including an online eligibility checker and an initial expression of interest submission form, are available on the North East LEP website at www.northeastlep.co.uk.