Partner Article

Further funds released to support North East’s rural businesses

The North East Rural Growth Network has released further funds to support the growth of businesses in rural Northumberland, Durham and Gateshead.

A call has been made for businesses to apply for two separate funds - the Strategic Economic Infrastructure Fund (SEIF) and the Rural Business Growth Fund (RGBF).

The SEIF can support the creation of enterprise units for multiple business users, unlock economic development sites or support strategic tourism projects that will generate significant overnight stays and day visitors.

The RBGF grant focuses primarily on supporting medium sized businesses to expand and grow their businesses and create additional employment opportunities.

This is to make sure it does not duplicate capital grant support to micro and small businesses now available through the LEADER and the Rural Development Programme for England - Growth Programme. However, micro and small businesses that are unable to access any of the other rural capital funding schemes may also be eligible to apply.

The grant will support projects that will grow a business, create jobs or bring more money into the rural economy. Applications are sought from the following business sectors - food and drink, manufacturing, energy and environmental products and services, scientific and technical services and niche tourism projects, including tourism accommodation.

Grant funding is available from a minimum of £10,000 to a maximum of £60,000 and can help pay for constructing or improving buildings and buying new equipment and machinery.

Both schemes are able to support up to 40% of the cost of capital developments, subject to eligibility. They must lead to the creation of more and better jobs in the region’s rural economy.

North East LEP Business Growth Director, Colin Bell said: “Our rural businesses play an important role in supporting the regional economy. As such, our focus is on ensuring they have the right package of support to flourish, including access to finance to aid growth, sustainability and job creation.”

Jacqui Kell, Chief Executive of Arch, added: “Over twenty businesses are already receiving support from the North East Rural Growth Network and I would encourage any businesses interested in the funding to contact the team at Arch to check their eligibility.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →