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£145m North East Fund announced in time for the Autumn Statement

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£145m North East Fund announced in time for the Autumn Statement

 

The Autumn statement on 23 November is eagerly waited to understand whether the UK Government will announce how it deal with Brexit… but for many North East businesses the best news was announced already.

Last week it was announced that the North East had secured the guarantee of European Funds of £145m to help North East businesses under JEREMIE2 just in time for the deadline of the Autumn Statement which Theresa May had set for European funded infrastructure projects.

The press has estimated that the North East Fund could provide financial support for 600 businesses.  Other targets for the fund are to create some 2,500 jobs in the next five years and a further 1,000 jobs throughout the life of the fund.

It is intended that The North East Fund, formerly known as JEREMIE2, will create a legacy fund of £80m over the next decade for further financial support to companies.

The agreement has been signed by the seven Local Authorities in the North East.

Over the next five years, the North East Fund will invest loans and equity / mezzanine funding into new and existing businesses.

We expect to see the fund managers appointed in coming months ready for a launch in March 2017.

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