The £159.5m Finance for Business North East Funds programme is funded by the European Regional Development Fund, the European Investment Bank and the United Kingdom government.
European Regional Development Fund
The Finance for Business North East project is part financed by the European Regional Development Fund (ERDF), managed by the Department for Communities and Local Government, securing £59.25m of ERDF investment.
The ERDF Competitiveness Programme 2007-2013 is bringing over £300m into the North East to support innovation, enterprise and business support across the region.
This project will make a major contribution to the ambition of the ERDF Competitiveness Programme 2007-2013 by increasing the number and survival of business start-ups in the region and by promoting and embedding science, technology and innovation within the region's business base.
European Investment Bank
The European Investment Bank (EIB) is the EU Bank. Its shareholders are the 27 Member States of the Union, which have jointly subscribed its capital. The EIB supports the EU's policy objectives in various ways, including stimulating investment by small and medium sized businesses.
Department for Business, Innovation & Skills/Capital for Enterprise
The UK government's Department for Business, Innovation and Skills provides funding for the Finance for Business North East programme, via Capital for Enterprise.
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