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Extra companies can profit from adjustments to funding entry

Cath and Matthew Stephenson, the owners of Sweetdreams Ltd, who have drawn on funding from the North of Tyne Growth Fund.

The North of Tyne Growth Fund, which is partially funded by the European Regional Development Fund (ERDF) and backed by the North of Tyne Combined Authority (NTCA), has reduced its eligibility criteria to allow more companies access to the 4.6 investment program Have millions of pounds.

The fund, launched in 2020, is now open to small and medium-sized businesses based in north Tyne – Northumberland, North Tyneside and Newcastle – planning to invest at least £ 67,000.

The UMi-managed fund helps companies drive more innovation by providing capital to expand their existing operations or start new ones.

Ten companies have benefited, including Sweetdreams Ltd, construction company Merit Holdings and engineering firm Transmission Dynamics.

Jarek Rosinski of Transmission Dynamics in Cramlington said, “Our North of Tyne Growth Fund advisor really believed in our case and showed a real interest in our business.

“We were able to make a strong case for exceptional circumstances in order to apply for twice the normal maximum grant of £ 250,000.”

Matthew Stephenson of Sweetdreams Ltd of Cramlington said, “I mistakenly thought there was a real lack of funding and support for businesses, but the North of Tyne Growth Fund has changed my mind and has shown the depth of support out there.”

Matthew McGrady of Merit Holdings, also in Cramlington, added, “The team was flexible in structuring the grant to make it work for us and I certainly felt the process was about helping us and to advise us to get the best value out of it. “

Nicki Clark, Chief Executive of UMi, said, “We as fund managers have worked with partners in the combined authority to ensure that the fund meets the needs of businesses in the region and, most importantly, is able to change and adapt Challenges and opportunities as they currently exist.

“Together, we’re making it even easier for more companies to access the right funding to help them achieve more.”

North of Tyne, Mayor Jamie Driscoll added, “Small businesses are the lifeblood of our local economy.

“In the north of Tyne, we’re investing to help these companies grow and innovate for the future.”