What is the North East Business Support Fund?
The North East Business Support Fund has been helping North East SME’s to grow and develop for the past decade. The fund is the longest established business support programme in the region, delivered by the fabulous team of expert business support people at NBSL. Businesses across the North East have received more than £5m in support which has led to over 1000 jobs being created or safeguarded, with the fund generating £3 of benefit for every £1 invested.
The Fund receives funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund.
Eligibility criteria
The business must be an SME with:
- fewer than 250 full time equivalent employees
- an Annual Turnover not exceeding € 50 Million and Balance Sheet value not exceeding €43 Million
- credible plans to grow / recover from the impact of Covid (staff or turnover)
Business improvement projects eligible for a grant
Listed below are the main types of project that we can fund – if anyone has a project in mind that’s not on the list ask them to get in touch and we’ll try to help:
- Business growth planning, business expansion planning & strategy development
- Change management, Quality Management Systems and Process Improvement
- Financial Restructuring and Succession planning
- HR Strategy planning and development
- Product development/diversification and new market development
- Marketing planning & strategic marketing plans
- Design costs for marketing & development of animations/video production
- Web design/development
Financial support available
County Durham businesses:
- up to 40% funding for projects costing between £2,500 and £8,000
- Funding in County Durham – NEBSF
Northumberland or Tyne & Wear:
- up to 35% funding for projects costing between £3,000 and £8,000
- Funding in Northumberland – NEBSF
- Funding in Tyne and Wear – NEBSF
