The Finance for Business North East (FBNE) fund, also known as the JEREMIE programme, has received funding of £17m to be invested in more than 100 of the region’s SMEs throughout 2016.
£9m of the funding will be invested within the North East LEP’s seven local authority districts, with the remainder available to other North East companies.
Our Corporate Finance Associate Partner, Chris McCourt, said: “Today’s announcement that agreement has been reached to secure a £17m extension to JEREMIE programme funds in the North East and Tees Valley is great news for SMEs in the region. Since the original funds were established Tait Walker has worked with a number of clients to secure finance from the funds managed under this programme.
“Since the end of 2015 the uncertainty around what was happening for 2016 has reduced the funding options available to North East SMEs and this announcement gives confidence to businesses starting out and growing SMEs that there will be continued access to finance to support their growth for the rest of this year whilst the work to finalise the JEREMIE 2 programme is completed.”
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