North East Mayor Kim McGuinness has announced a £7.1 million investment to strengthen regional business support, helping local firms to protect jobs and manage rising costs.
The funding is aimed at making it easier for businesses to access practical help at a time when energy bills, supply costs and overheads continue to put pressure on employers. By improving access to advice, finance and funding, the investment will help firms stay competitive and keep people in work.
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North East Mayor McGuinness, said: “This investment is about helping businesses deal with real pressures. When firms are facing rising costs, it has a direct impact on jobs, and it makes it harder to make ends meet.
“With government also setting out new support to improve access to finance for small businesses, we want to make sure North East firms are in the strongest possible position to benefit. We’re making sure businesses can get the right advice and support quickly, so they can deal with economic shocks such as rising energy bills, protect jobs and keep money moving in the local economy.”
This marks the start of a wider programme from Mayor Kim to reshape how business support works across the North East, with a clearer focus on keeping support local, easier to navigate and better connected to national funding. The approach is shaped by the North East Mayor’s Local Growth Plan and Manifesto along with national policy priorities.
The North East MSA will work closely with the region’s seven local authorities to ensure the funding is channelled into delivering tailored support to businesses based on their location and size. The support will target the costs facing businesses day to day, helping firms manage cash flow, invest in productivity and avoid passing rising costs on to customers where possible.
The aim is to help firms stay on track for growth, protect jobs and contribute to a stronger local economy that works for residents as well as employers.
Phil Witcherley, director of economic growth and innovation at the North East MSA, said: “This is an important step in keeping support local and making it easier to tap into national funding, including new finance measures announced by government, so businesses can manage costs now and plan for the future.”
Businesses looking for support can find out more about the North East Growth Hub here.
