North East Fund
The North East Fund is a £120m investment programme available to SMEs across Durham, Northumberland and Tyne and Wear. Businesses relocating to the area may also be eligible. There are five funds – each with a different investment focus to suit the needs of businesses depending on the sector in which they operate and their stage of development.
They can provide loans or equity investment, ranging from £20k to £1m+ and have cash available to help North East companies sustain their activities and to grow as the Coronavirus pandemic hopefully recedes.
How to apply
The Innovation Fund looks for strong teams with scalable opportunities and invests up to £500,000 by way of loans or equity. Where possible, it provides further investment to support accelerated growth.
If funding of more than £500,000 is required, the fund managers work with SMEs to identify potential investors who may provide additional finance as part of a syndicate.
The fund is managed by Northstar Ventures.
The Venture Fund can invest up to £1m at any stage in the business life cycle but is specifically looking for those firms which are engaged in innovation or developing disruptive business models.
Funding is available to all companies with high growth potential and also pre-start enterprises. The fund aims to provide a range of investment products, tailored to each specific requirement, including both equity and mezzanine debt. The fund can either act as the lead investor or participate in syndication deals with others.
The fund is managed by Mercia Asset Management
The Development Capital Fund can invest from £400,000 to £2 million to support established businesses via debt finance, mezzanine loans or equity investment to help fulfil their growth potential. The Fund targets dynamic companies with strong management teams and ambitious growth plans.
Funding packages can be tailored to individual business needs, with Maven providing both operational and strategic support. Maven can lead or syndicate investments and Maven’s other funds can provide up to £15 million in a single transaction to finance development capital and MBOs.
The fund is managed by Maven Capital Partners (Maven).
The Growth Capital Fund backs ambitious businesses with investment of up to £500,000 to accelerate growth potential. The Fund can support a wide variety of growth plans and targets established businesses with strong management teams. Bespoke funding packages can be tailored to individual business needs, typically via debt finance, mezzanine loans or equity investment.
Repeat financing or co-financing with other funders to support plans requiring more than £500,000 can also be arranged where appropriate. Funding is typically provided on an unsecured basis without the need for Director’s Guarantees.
The fund is managed by NEL Fund Managers.
The Small Loan Fund backs small businesses with big plans. The Fund can support a wide variety of growth plans and typically advances loans of between £10,000 and £50,000 to support actively trading North East businesses. Businesses with a limited trading history are also eligible for support where a clear route to generating sales in the short term can be demonstrated.
Repeat financing or co-financing with other funders to support plans requiring a larger amount can also be arranged where appropriate. Funding is typically provided on an unsecured basis without the need for Director’s Guarantees.
The fund is managed by NEL Fund Managers.
North East Local Enterprise Partnership
The North East Local Enterprise Partnership manages multi million pound investment programmes designed to improve and support the North East’s economy. Over the period 2015 -2021, their investment programmes are valued at over £760m.
They also support a number of other funds that are directly linked to the delivery of the Strategic Economic Plan, including the European Funding programme.
They manage the North East Growth Hub which contains a comprehensive directory of access to finance available within the region.
Some of the funds the partnership manage and support are open for applications from North East businesses.
Applications currently open are:
The North East Investment Fund is managed by the North East Local Enterprise Partnership and financed by £25m of Growing Places Fund and £30m of Regional Growth Fund.
As an evergreen fund, repayments and interest from all loans is put back into the fund and re-allocated to support new projects.
An eligibility checker can be found at: www.nelep.co.uk/funding/neif/eligibility-checker
Key funding criteria for applications is outlined at: www.nelep.co.uk/wp-content/uploads/2017/07/north-east-investment-fund-key-criteria.pdf
Expression of interest form can be found at: www.nelep.co.uk/funding/neif/expression-of-interest
The North East Investment Fund is currently open for applications. Find out more at www.nelep.co.uk/funding/neif
The North East Investment Fund is available for businesses looking for capital funding.
The Rural Community Energy Fund aims to support rural communities across England to develop community led renewable energy projects.
There are two stages to the funding. The first stage is for communities that are just beginning to explore options for renewable energy generation, this stage offers grants of up to £40,000 to cover consultancy and professional costs to determine if the project idea is feasible. The second stage offers a grant of up to £100,000 to look at creating full business cases for projects that stand a good chance of securing planning permission and being delivered.
The Rural Community Energy Fund (RCEF) is also open to applications and Registered Social Landlords with rural housing stock are invited to apply. The fund offers grants of up to £40,000 to determine the technical feasibility of community scale renewable energy projects.
How to apply
For more information about the fund and to discuss any initial ideas or thoughts please contact Josh Sawyer on 07584154510 or [email protected]
Bounce Back Loan Scheme (BBLS)
About the scheme
The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance.
The scheme is a part of a wider package of government support for UK businesses and employees. Read more at the Government’s Business Support website.
As of 17 December 2020, the Government has announced that BBLS will be extended until 31 March 2021. View the announcement about the BBLS extension
How it works
BBLS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
A lender can provide a six-year term loan from £2,000 up to 25% of a business’ turnover. The maximum loan amount is £50,000.
The scheme gives the lender a full (100%) government-backed guarantee against the outstanding balance of the facility (both capital and interest).
The borrower always remains fully liable for the debt.
Business Enterprise fund - North East England
How much you can get:
£500 to £150,000
Who it’s for:
Your business must have been turned down by the high street banks and be based in:
- North Yorkshire
- West Yorkshire
- East Yorkshire
- North Lincolnshire
- North East England
You won’t be able to get support to fund past debts.
What you can get:
The Business Enterprise Fund can also offer top-up finance.
How to apply
Organiser – Business and Enterprise Finance Ltd
Visit the Business Enterprise Fund website to find out more.
Check if you’re eligible for the coronavirus Additional Restrictions Grant: https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-additional-restrictions-grant
Check if you’re eligible for the coronavirus Local Restrictions Support Grant (for closed businesses): https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-local-restrictions-support-grant-for-closed-businesses
Check if you’re eligible for the coronavirus Local Restrictions Support Grant (for open businesses): https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-local-restrictions-support-grant-for-open-businesses
Check if your business is eligible for a coronavirus grant due to National Restrictions (for closed businesses): https://www.gov.uk/guidance/check-if-your-business-is-eligible-for-a-coronavirus-grant-due-to-national-restrictions-for-closed-businesses
Find out what financial support you can get for your business.
TEDCO can help you to unlock a range of funding sources to scale up your business fast.
As the key delivery partner for Virgin StartUp in the North East, they have helped over 300 new businesses access £4.2 million in low cost business loans over the past five years.
Virgin Start-up Loans are low-interest loans, which require applicants to provide a detailed business plan and outline when, where and how they intend to allocate funding.
Many of those businesses go on to receive invaluable additional exposure through the wider Virgin network.
Virgin Start-up Loans can be accessed in conjunction with the Start & Grow programme, enabling businesses to more rapidly expand and even take on staff from day 1.