Friday, March 8, 2013

£ 125 million to fund the North East SME has completed the 400 agreement

£ 125 million fund set up to help the fast growing North East SMEs have access to finance these investments recently completed his 400.

The deal - to see more in South Tyneside-based Digital Solutions secures funding of £ 250,000 - led by the most active regional venture capitalists Ventures Northstar from the Finance for Business North East Accelerator Fund.

Northstar director Ian Richards said: "As well as providing the milestone on behalf of North East Finance, it is also fun it is a deal where we partner with angel investors - Middleton Enterprises. Using this type of private investment program is always the goal, and it was great to see happen.

"Despite the Chancellor will push big banks to give loans to companies with the right product or idea, we can still find plenty of good SMEs can not get financing from banks.

"Northstar, on the other hand, is only one of a number of VC firms in the region would lend, and invest in, a small company. We have two funds under management - Proof of Concept fund and accelerator - and regularly invest between £ 50,000 and £ 500,000 in each of the first round of finance.

"Of the two funds alone, we invested £ 20M in 116 early stage companies and start-ups.

"Unlike money from other sources, we work closely with our corporate associates and offers a range of support services and contacts that can benefit the business, grow young."

Andrew Mitchell, chief executive of North East Finance, added: "This agreement Northstar end 400 is a marvelous achievement and brings us one step closer to fulfilling our target of 850 regional business support through loans or equity investments in 2014.

"We are the first place to create this kind of super-funds - which enables the fast growing SMEs, from various sectors and stages of growth, seven different investment funds the Treasury £ 125 million for Business North East program.

"The Northstar is one of only six fund managers provide support to businesses from the Northumberland Teesside, thanks to the collaboration between the European Investment Bank (EIB) and the European Regional Development Fund (ERDF).

"And we believe that having a real impact our goal to kickstart economic growth throughout the region."

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