The North East Business and Innovation Centre (BIC) has received £820,439 from the European Regional Development Fund (ERDF) to financially support up to 60 small and medium sized enterprises in innovative projects and business ventures.
The funding is designed to help businesses within the North East develop and grow, get their new and original ideas and projects off the ground, as well as pursue opportunities that would otherwise be impracticable or difficult to accomplish.
BIC's previous SME Innovation programme ran until August 2015, and provided both financial support and general guidance and assistance for businesses from their business park in Sunderland.
The programme is expected to run for the next three years, with the North East Business and Innovation Centre giving help and direction to SMEs applying for a grant, competing within their market and growing as a business.
SMEs could have access to up to 40% funding for their project or business venture, as well as direct advice from industry professionals, suppliers and other support agencies. Businesses need to have been trading for 12 months or more, and be investment ready to qualify for the funding.
To find out more about the North East SME innovation programme, contact BIC at 0191 5166035 or firstname.lastname@example.org.