Category: Funding

Home / Funding / Page 12

North East LEP hosts live Investment Fund twitter chat

First of all, thank you to everyone who joined our live twitter chat on Wednesday 30 March. There is obviously a lot of interest in the North East Investment Fund (NEIF) from the business community so I was delighted to answer your questions.

Thank you also to Kevan Carrick, principal at JK Property Consultants LLP, and Gavin Cordwell-Smith, owner of Hellens Group, for your support and expertise too.

You can revisit the twitter chat below and we of course welcome any further questions about the Fund and how you can access it. For more information and advice about the North East Investment Fund, please contact Matthew Ebbatson, Programme Manager at the North East LEP on [email protected] / 0191 338 7432.

Feel free to tweet any questions via @northeastlep

To date, the NEIF has invested more than £58 million in the regional economy and I very much see the Fund as a sustainable source of income that will continue to support North East businesses looking to create more and better jobs in the North East.

We look forward to hearing from you.

Jeremy Middleton
Chairman of North East LEP Investment Panel

Home / Funding / Page 12

North East LEP reaction to today’s North East Combined Authority devolution decisions

North East LEP reaction to today’s North East Combined Authority devolution decisions

Helen Golightly, North East LEP chief operating officer, said: “Today’s recommendations agreed by the North East Combined Authority underline the region’s general continued support for devolution.

“There are still matters where the local authorities feel they need more clarification from Government. The North East LEP remains fully supportive of the devolution process.

“The opportunity to take control of our own economic future is one we must seize to help the region improve its transport connections, offer even more support to business and boost the skills of our workforce.

“Devolving powers will give us more opportunity to help drive the economic growth our region needs to contribute our full worth to the UK economy.”

Home / Funding / Page 12

New finance support for North East businesses announced

The North East’s leading business organisations are coming together to develop an innovative new way to help companies access finance and grow their operations.

The team that delivers the region’s annual innovation conference, Venturefest North East, is working with the North East LEP and North East Finance to design a new programme of investment support that culminates in a major annual event.

Details of the programme are currently being finalised and will be announced in April when tickets will also be released for the inaugural event on 21 June 2016 at Ramside Hall Hotel, Durham.

The development comes in the wake of the abolishment of the Government’s Business Growth Service, which ended its national business support programme following the Spending Review in 2015.

The programme has been developed with business input from the start. Business networks including the North East Chamber of Commerce (NECC), Federation of Small Businesses (FSB) and the Entrepreneurs’ Forum are involved to ensure the creation of a solution suited to the needs of the region’s businesses.

Simon Hanson, North East Development Manager at the Federation of Small Businesses, said: “Without access to funding our members and smaller businesses cannot achieve their potential to grow their businesses, create new jobs and new wealth for the region.

“The development of this programme is a response to this need and will simplify the investment process for the huge number of business that have ambitions to develop.”

Support provided by the initiative will be dedicated to making it easier for companies of all sizes and sectors to secure the funding they need to develop ideas, innovate and grow. Businesses will receive expert advice to make their propositions as attractive as possible to investors and will gain access to a wide range of funding sources.

Hans Möller, Innovation Director at the North East LEP, said: “The development of this new programme represents a positive, collaborative move by the region to solve an issue shared by the whole business community.

“It demonstrates how the North East is leading the way in shaping its future by designing a solution to the challenges faced. This will really help widen access to funding as well as help SMEs to develop and grow.”

Other partners involved in the development of the initiative’s activity include: Transmit Enterprise, Blu Sky Tax Ltd chartered accountants, Agora Bay Ltd growth finance consultants and NatWest which has partnered with Entrepreneurial Spark to launch business accelerator hubs across the UK including one due to open in Newcastle this August.

North East businesses can register an interest in finding out more about the programme as it develops by emailing [email protected]

This initiative is part of a wider programme being developed with around 50 partner organisations to support innovation in the North East. Led by the Venturefest North East team, the programme is supported by Innovate UK and the North East LEP and North East BIC, with part-funding from the European Regional Development Fund.

CASE STUDY OF A BUSINESS WELCOMING THE PROGRAMME
NECC member Amber North East has grown rapidly since the launch of its healthcare workforce solution business in Durham in January 2015, with 100 staff already on its books.

Operations Director Kelly Bentham welcomed the news of the investment programme saying: “The challenge of finding finance for your business can be a show stopping issue no matter what size your business is.

“If you don’t understand what is available to you when you’re starting out you will struggle to get out of the starting blocks, while growing businesses don’t have the time to consider all of their options so can find themselves stung by high repayments.

“Cash is king when it comes to the growth of all businesses and this programme will make it simpler for companies to get access to the money they need to achieve their ambitions.”

Home / Funding / Page 12

LGF update: A new creative space for innovative businesses

Construction of a new Centre for Enterprise and Innovation is progressing apace on the University of Sunderland’s City Campus.  Supported by a £4.9m investment from the Local Growth Fund, the new £10m Centre will become the front door to expertise, research and facilities from the University and its partners when it opens this winter.

Initially conceived in discussions at the Sunderland Business Group, the project will create hundreds of jobs in innovative, high-growth businesses and start-ups. The Centre will provide immediate access to applied research, business advice, mentoring and knowledge transfer partnerships, as well as additional support through student work placements and graduate internships. New and growing businesses located there will benefit from high-quality workspace and from close proximity to a University that can help them flourish. There will also be a vibrant cafe, boardroom and informal meeting spaces of varying sizes.

The region’s first FabLab will relocate from its temporary home at Shackleton House to the new centre when it opens. Designers, businesses and entrepreneurs can use the creative space, equipped with specialist digital fabrication facilities to prototype and test new products ideas.

Housed in the former Gas Board building, the University of Sunderland’s plans are breathing new life into this prominent, Grade II listed red-brick building. This approach continues its impact on the Sunderland landscape, which has seen £130m invested in campus developments at its St Peter’s Riverside and City Centre Campuses.

Tony Ikwue, Director of Enterprise and Innovation said: “The University of Sunderland’s investment in the city over recent years has been substantial, with the impact for all to see. We are committed to developing our estate further, to enhance the student experience and support the city and its communities by helping drive social, economic and cultural change.”

The centre for enterprise and innovation will:

  • Create more and better jobs for the North East region
  • House the first FabLab for the North East region
  • Attract and create hundreds of new jobs in innovative growth businesses
  • Be the University’s ‘shop window’ for businesses, partners and public
  • Create a buzz and vibrancy in this area of the city centre
  • Return a BCR (benefit to cost ratio) of at least 6:1 – £6 for every £1 invested.
Home / Funding / Page 12

LGF update: All change for Central Metro Station

An exciting £6m scheme to modernise the Metro ticket hall and platforms at Central Metro station in Newcastle is starting to take shape.

The project, which is being part funded by a £2.5m contribution from the Local Growth Fund, began in September 2015 and is scheduled for completion later this year.

Nexus, the public body which owns and manages the Tyne and Wear Metro, has contributed £3.5m towards the work from its £350m Metro: all change modernisation programme, which is being funded by the Department for Transport (DfT).

The Metro station at Central, which is used by 5.3 million passengers a year, is getting improvements to accessibility, information and waiting facilities, as well as a bright new look.

Director of Rail and Infrastructure at Nexus, Raymond Johnstone, said: “This project is transforming a key regional gateway for the millions of passengers who pass through every year.

“This is part of our current modernisation scheme which has already seen £200m invested in the Metro system. It’s great that we were able to secure extra money for the scheme thanks to the successful Local Growth Fund bid.

“Since the project began last autumn it has made good progress and passengers will already be able to see the new-look station taking shape.

“The work has meant we’ve had to do some stations closures and I am grateful to passengers for their patience during these periods of disruption.

“The long term gain will be a smart new Metro station at Central which will be great welcoming feature, especially for the growing number of tourists flocking to the region.”

Central will feature a predominantly white interior with feature walls picked out in a blue feature colour, helping assist passenger navigation. Improvements to the passenger waiting areas and platforms include new way-finding signage on the new vitreous enamel panels, plus new seating.

The work does mean that Central Metro has to close every evening at 8pm, Sunday to Thursday, with trains running through the station and not stopping. This is to allow contractor access.

Tolent are the construction contractors carrying out the refurbishment work on behalf of Nexus.

Home / Funding / Page 12

LGF update: Apprentices sparking a bright future in North Tyneside

Sparks are flying for all the right reasons at Tyne Metropolitan College’s IGNITE Centre for Engineering and Innovation – which is fast becoming the North East’s destination for the latest engineering skills and qualifications.

The centre was made possible by significant investment from the Local Growth Fund, standing at over £1m to get the project underway.  IGNITE is now leading the way in industry approved engineering qualifications as employers look to boost workforces with the right skills and the right qualifications for the job.

The thriving facility is helping to attract and train welding professionals through practical training solutions, courses and apprenticeships.

North East based company, Responsive Engineering which provides turn-key manufacturing services for the Oil and Gas sector, Defence, Power Generation and Subsea sectors is growing its workforce with TyneMet apprentice supported by Tyne North Training Ltd.

The IGNITE Centre for Engineering and Innovation features cutting-edge engineering technologies, along with along with first class teaching in state-of-the workshops – equipped with the latest industry relevant equipment providing high quality qualifications in Welding, Electrical Engineering, Hydraulics and Machining.

Responsive Engineering welding apprentice, Alex Muir, 18, said: “I decided to go into welding because practical skills are always going to be needed, my grandad was a welder and encouraged me to take the path of a career in engineering.  Choosing an apprenticeship meant that I could start earning money straight after school and get a qualification that will help me get into the engineering industry. IGNITE is a brilliant place to learn, the equipment is all of a very high standard and the teaching is great.”

TyneMet’s expansion of its engineering facilities realises the College’s ongoing commitment to supplying forward thinking learning facilities to boost the local economy, whilst meeting the needs of local employers and learners.

 

Home / Funding / Page 12

LGF update: Swans wet dock set for transformation

The Local Growth Fund is providing support to the infill of wet berths at Swans, in North Tyneside, to help secure its future as a great place to do business. Other complementary activity has been taking place to improve and build on this work.

The phase one infrastructure works are finished, which include a new, wider bridge at Benton Way that can accommodate heavier loads. Quay edge repairs have also been finalised, and the quay itself has been dredged to a berthing depth of 9m.

The phase one infrastructure works are finished, which include a new, wider bridge at Benton Way that can accommodate heavier loads. Quay edge repairs have also been finalised, and the quay itself has been dredged to a berthing depth of 9m.

Wallsend-based firm SMD was the first to make use of the newly dredged quay in a load out operation for its client Nautilus in February. The project involved loading three subsea mining machines and related equipment, totalling over 1,000 tonnes in weight, onto a vessel that sailed to Duqm Port in Oman where the machines are being put through a programme of underwater testing.

Other companies are also keen to use the quay for their large-scale load out operations. WD Close will be the next to use the facilities at the end of March.

Patrick Melia, Chief Executive of North Tyneside Council, said: “Our state-of-the-art advanced manufacturing facilities being developed at Swans and other sites make North Tyneside one of the best places to do business. I’m thrilled that we are helping those in the marine, energy and offshore industries to compete in a global market.”

The next chapter in the exciting development of the world-class site will include the opening of the Swans Centre for Innovation, a hub for office-based businesses involved in the renewable and offshore industries, in the spring.

Over £100 million is being spent on developing the Swans site, using a mix of funding from the European Regional Development Fund, Homes and Communities Agency, North East Strategic Growth and Infrastructure Fund, private sector and council investment.

Home / Funding / Page 12

LGF update: Paving the way for better travel for cyclists

Preliminary works to pave the way for better links to Durham Railway Station for cyclists and pedestrians started on 1 February. The £800,000 project – which includes a £600,000 funding award from the Local Growth Fund – will see access improved to allow people to reach the station more easily via paths alongside the A691 (Framwellgate Peth).

With the station linking Durham City to the North East Main Line, the scheme will increase sustainable transport links as well improving access to key employment sites in Durham City and beyond, providing a boost to the local economy.

The improvements will see a new path constructed for bicycles and pedestrians on the north side, as well as a set of stairs. The existing footpath on the south side will be widened to accommodate cyclists as well.

To allow the main work to go ahead in the summer, preliminary work will take place for around four weeks, starting on Monday, 1 February. As well as some ground investigation work, this will involve the removal of trees around the intended sites for the new and expanded paths. Following completion of the project, new trees and wildflowers will be planted around the new layout.

Cllr Neil Foster, Durham City Council’s Cabinet member for economic regeneration and culture, said: “With Durham City the economic powerhouse for the county and the station being a key gateway to the rest of the country, we hope these improvements will benefit business, tourism and residents.”

“As well as making the station easier to access we also hope these improvements will encourage more people to reach it by walking or cycling meaning a double boost for healthier and more environmentally friendly travel. We’d like to thank the public for their patience while this work is carried out and the improvements are put in place.”

The works have been planned in conjunction with Virgin East Coast as the station operator.

Home / Funding / Page 12

LGF update: A booming rural economy

The rural parts of the North East LEP area play a very important role in the local economy, accounting for a significant share of total employment, providing above average levels of new business starts, and contributing disproportionately to the region’s visitor economy. They also offer future growth opportunities through key rural sectors (including knowledge intensive business services, tourism, food and drink, energy, and environmental services), and the economic potential of rural towns.

The North East Rural Growth Network (NERGN) pilot project began in 2012 with £3.2m of funding for the North East from Defra. The NERGN covers the rural areas of Northumberland, Durham and Gateshead. Over a period of three years to March 2015 it has tested ways of overcoming barriers to economic growth within these areas.

The Programme has been highly successful. It has helped around 200 new businesses to establish themselves within the rural areas, assisted more than 1,000 businesses with either financial support or business advice and created more than 100 new enterprise spaces at 13 business hub sites across the rural North East.

Following on from this success, the North East LEP has approved a further £6m to 2020 from the Local Growth Fund to enable the NERGN to continue to support businesses within rural areas.