[ad_1]
A new initiative to boost access to finance among Newcastle, Northumberland and North Tyneside businesses has secured £900,000 funding to help its launch.
Pathways to Funding North of Tyne, led by business support organisation Innovation SuperNetwork, will build on the work of Newcastle Angel Hub, which helps to identify co-investment opportunities. With the backing of the North of Tyne Combined Authority, the programme aims to create an investor hub that will attract funds, including those from patient capital, venture capitalists, banks, debt providers, public funding grants and others.
Delivered in partnership with partnership with the North East Enterprise Agency, North East Growth Hub, NorthInvest and Fund Her North, it will set out to educate and connect high net-worth individuals with investment opportunities from across the region. Pathways’ organisers say it will help attract more investors and funds located within two hours of the North East.
Read more: Newcastle law firm Muckle LLP highlights second year of record results
Read more: Defence cluster forms to promote North East as sector hotspot
Estelle Blanks, CEO at Innovation SuperNetwork said: “We’ve been supporting start-up and scaling enterprises for over a decade, and it has become increasingly clear that we need more simplified and inclusive access to funding for businesses and entrepreneurs operating in the North East.
“Through the launch of the Newcastle Angel Hub in 2019, we have steadily started to build the capacity we have for businesses to access equity, and leverage further funding, especially for female founders. However, there is much work to be done to support more businesses, open pathways for under-represented groups and encourage more investors to look to the North East when searching for opportunities. This investment from the North of Tyne Combined Authority will help us grow this capacity.”
Each of the programme’s delivery partners are said to bring a different specialism, including: the North East Growth Hub’s sign-posting of funding opportunities; North East Enterprise Agency’s expertise in socially trading companies, and Innovation SuperNetwork’s investor readiness work. Meanwhile Leeds-based NorthInvest and Fund Her North will help Pathways to bring North East opportunities to investors across the Northern Powerhouse.
North of Tyne mayor Jamie Driscoll said: “Our region thrives when talented people are supported to develop. Securing funding for a business can be a minefield. Emerging enterprises need a clear path to access the finance they need to grow.
“Women and minority-led businesses continue to face significant disadvantages in accessing funding. This results in lost entrepreneurs that the region desperately needs to succeed. Pathways to Funding North of Tyne unlocks the expertise and capital that will deliver opportunity and help build an economy that is truly inclusive.”
[ad_2]
Source link