Experts rack up over £1m in support for small business
Experts who help businesses secure funding to reach their innovation potential have a million reasons to be cheerful.
The North East SME Innovation Programme – led by the North East Business Innovation Centre (BIC) – has helped over 80 small and medium sized businesses tap into £1.16m in funding since its launch in 2018.
The programme providing 40% grants for projects ranging from £5,000 to £50,000.
The BIC received £1,307,145 in funding from the England European Regional Development Fund for the programme, as part of the European Structural and Investment Funds Growth Programme 2014-2020.
Gillian Middleton, innovation manager at the BIC, said: “We are delighted to have finally hit the £1m mark.
“The programme was set up to help SMEs realise their innovation potential and to see so many businesses benefiting shows just how welcomed it has been by the region’s business community.”
She added: “The North East has a proud history of innovation, from the lightbulb to hydraulics and the lifeboat, and as we look to a future, we must ensure we continue to support our businesses if we are to continue competing on the global stage.”
One of the companies to have received support from the programme is Settld – a tech start-up that eases the administrative burden left with bereaved families and has since gone on to raise £800,000 to scale its platform across the globe.
The programme is exclusively for SMEs in Durham, Tyne & Wear and Northumberland that have been trading for at least 12 months and operate in a business-tobusiness environment.
Debbie Simpson, innovation adviser, added: “The reception so far to the Innovation Programme has been fantastic however there is still funding available so we’d recommend any business that thinks they may be eligible to get involved.
"It could be just the ticket they need to take their business to the next level.”
For more information on the Innovation Programme, go to https://www. ne-bic.co.uk/supportinginnovation/innovation-programme/