Page last updated at 14:19 GMT, Sunday, 24 January 2010

125m 'super fund' for businesses

A £125m investment fund has been launched in a bid to drive the economic recovery of north-east England.

It is hoped the Finance for Business North East Fund, which includes more than £100m of European cash, will help create up to 5,000 jobs.

Regional development agency One North East has contributed £18m.

The venture capital is designed to encourage the development of small and medium-sized companies, especially those in the technology sector.

It is expected to be used to support up to 850 firms.

Rosie Winterton, minister for regional economic development and co-ordination, said: "The recent economic situation has had a significant impact on the people and businesses of the North East.

"This venture capital fund is a key part of getting critical help to small and medium-sized businesses to invest in the recovery."

The European Investment Bank is committing £62.5m into the fund, with £44.25m coming from the European Regional Development Fund.

Print Sponsor

Small businesses get helping hand
12 Apr 09 |  England
Linen hire business creates jobs
22 Dec 08 |  Tyne
One North East chair to stay on
11 Nov 08 |  England
Hadrian's 'brand' boosts economy
16 Sep 08 |  England
Agency's 6m performance award
16 Jan 04 |  England

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific