A NORTH-EAST fund set up to support SMEs is celebrating its 500th investment – a milestone which marks more than £70m worth of funding for businesses in the region.
The £125m Finance for Business North East programme, a suite of seven funds managed by North East Finance was the first of its kind in the UK when it launched three years ago.
It will continue to invest in SMEs with the objective of supporting over 800 businesses and creating more than 5,000 new jobs by the end of 2014.
Each fund supports businesses at different stages of growth, which are from the region or moving to the region to stimulate economic development.
Andrew Mitchell, chief executive of North East Finance said: “We are very pleased to have reached such a significant milestone. The funds are on target at this stage of the programme and we will work hard to ensure a continued level of success. “This investment finance really does make a positive impact on the regional economy, and we would actively encourage businesses at every stage of development to consider how the Finance For Business Funds could help them grow.”
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