New fund offers ‘clear route’ to business support

A £25.9 million investment will provide a “helping hand” to North East businesses, underpinned by a “no wrong door” approach to accessing support.

The North East Mayoral Strategic Authority (North East MSA) has unveiled Business North East, a regional framework bringing together the MSA and seven local authorities.

Running from January 2027 to March 2029, the programme will establish a regional hub providing specialist advice alongside seven local authority ‘spokes’ maintaining links with businesses in their communities.

The hub will also deliver initiatives designed to help businesses understand finance, access mentoring and explore exporting opportunities.

Business North East will operate through five programmes:

• Inspire – encouraging entrepreneurship, particularly among young people and underrepresented groups.
• Explore – helping people develop ideas and become ready to start a business.
• Start – supporting the creation and survival of new businesses.
• Succeed – helping established firms improve productivity, innovation and resilience.
• Grow – supporting businesses to scale, create jobs, access finance and enter new markets.

The framework forms part of North East mayor Kim McGuinness’ plans to support business development, innovation and job creation across the region.

Mayor McGuinness said: “We want businesses in the North East to thrive, so we’re backing them with a new £25.9 million investment to help them grow, create jobs and get the support they need.

“We know that growing a business isn’t easy, especially for small businesses and start-ups. 

“Our new Business North East offer will provide a helping hand by making support simpler, more accessible and far easier to use right across the region. 

“I know that by supporting our businesses we can create more jobs, more opportunities for our people and grow our regional economy. 

“I want businesses to know we’re with them every step of the way and I can’t wait to see the services get up and running.”

More than 300 businesses were consulted during its development, with feedback highlighting demand for a more coordinated approach and simpler access to support.

The regional hub and local authority network are designed to provide businesses with a clearer route to the support available, while retaining locally based relationships with firms and entrepreneurs.

John McCabe, chief executive of the North East Chamber of Commerce and chair of the Business Advisory Council, added: “Today’s launch of Business North East represents an important step forward for business support in the mayoral area. 

“Designed in close collaboration with businesses, local authorities, universities and support providers, the programme is ideally placed to help more businesses in our region start, scale and grow.

“By ensuring a ‘no wrong door’ approach and inspiring more young people to think about entrepreneurship, Business North East will play a significant role in delivering good growth across the North East.

Matt Bratton, CBI regional director (North East and Cumbria) added: “Business North East is an important step towards the simpler, region-by-design approach that industry has long called for.

“In our North East Mayoral Business Manifesto, the CBI called for a joined-up support pathway that ends the postcode lottery, cuts through complexity, and gives every business a clear route to the right support. 

“Bringing programmes together through a ‘no wrong door’ approach should make it easier for firms across the region to find the finance, expertise, skills, and relationships they need to start, invest, innovate, and grow.

Elaine Stroud, chief executive of the Entrepreneurs’ Forum, added: “Encouraging more people to start and scale businesses is the single biggest thing that will change our region's economy. 

“Business North East is about giving entrepreneurs a clear route through the support that's meant to help them.  

“We’ve been part of shaping it, and from January we'll keep playing our part building a community where entrepreneurs who've already done it help the next generation go further.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.