A NEW £2.4m fund aimed at boosting growth among SMEs in the North East has been launched by business support group Entrust.
The Entrust Growth Fund will offer loans of up to £50,000 to North East-based businesses struggling to secure mainstream financial backing for their growth plans. It is unique in the region in that it has no restrictions on the sector or business activity of applicants.
The fund, which is also open to third sector organisations, is available to North East-based businesses capable of repaying a loan but unable to access other means of financial support.
Peter Gilson, head of funds at Entrust, said: “Despite many small businesses having growth plans that are both ambitious and commercially viable, accessing the financial backing needed to turn them into a reality continues to be extremely tough.
“The Entrust Growth Fund is aimed at backing those businesses that have the potential to grow and create new opportunities in the North East and we look forward to helping to stimulate new business success stories in the region in the coming months.”
The new fund complements Entrust’s existing suite of funds, which collectively offers non-bank business loan packages from £250 to £50,000 to North East start-up ventures and established businesses.
It is initially open for applications from now until December 2016 and is supported by the Regional Growth Fund programme provided through the Community Development Finance Association. It offers loans to small, micro and social enterprises through the community finance sector.
£30 million of funding is provided by the Government’s Regional Growth Fund, matched with a further £30 million by the Co-operative Bank and Unity Trust Bank.
For more information on the fund visit http://www.entrust.co.uk/money
Entrust is one of the longest established business support organisations in the UK and offers the customised support needed to enable businesses to achieve their objectives.