The Rural Growth Network fund has now reopened to support the growth of the North East’s rural economy.
More than 10 businesses are already receiving help from the scheme, helping them to grow.
The programme offers two capital funds to businesses – the Strategic Economic Infrastructure Fund (SEIF) and the Rural Business Growth Fund (RBGF).
The SEIF fund can support the creation of enterprise units for multiple business users, including enterprise hubs and site preparation works. It can unlock economic development sites where an end user is in place or support strategic tourism projects that will generate significant overnight stays and day visitors.
The RBGF supports businesses that are planning to expand or diversify into new markets or products. The fund is available for sectors including food and drink, manufacturing and the creative industries.
Grants are available from a minimum of £10,000 to a maximum of £60,000 to support improvements or expansion of premises and the purchase of capital plant or equipment.
Both schemes are available to support up to 40 per cent of the cost of capital developments, subject to state aids.