An update on JEREMIE : £125m ‘super fund’ for North East Business
A new £125m scheme is now open for business following a formal launch on 22nd January 2010. The 'super fund' will allow small and medium sized businesses to access funds of up to £1.25m per company per annum for projects located in the North East of England.
The JEREMIE (Joint European Resources for Micro to Medium Enterprises Initiative) funds, now known as the "Finance for Business Funds" are expected to support more than 850 companies over the next five years.
Corporate Finance Partner at Clive Owen & Co LLP, Angus Allan, said: "The JEREMIE fund has £125m of finance cleared from the European Investment Bank, the European Regional Development Fund 2007-13 and One North East. There are a total of six funds available which have been designed to help pre-start up and start-up companies as well as more mature companies looking to grow."
"This presents an excellent opportunity for North East business. There are some company sectors which are excluded from these funds, but I urge any business with a viable proposition to get in touch as our Corporate Finance Department may well be able to facilitate equity from other sources."
For further information on this new 'super fund' and other corporate finance sources which may be available to you, please contact Corporate Finance Partner, Angus Allan, on (01325) 349700 or via email, angus.allan@cliveowen.com.
The Journal's report on the launch of Finance for Business North East
A Guide to the North East's Finance for Business (JEREMIE) programme
Further information
Fund details for pre-start or early stage businesses and enterprises:
- Angel Match Fund - This entrepreneurial fund will be managed by Three Rivers and will primarily focus on early-stage investment and has a total fund size of £7.5m. Companies generally need to have a private sector co-investor to benefit from funds of between £50k and £150k.
- Technology Proof of Concept Fund - This fund will support technology companies in the very early stages of growth and the fund manager will work in conjunction with the regions Universities as well as individuals and technology start ups / SMEs. Managed by North Star Equity Investors, £15m is available in investments of £20k - £100k.
- Seed Fund - Managed by North Star Equity Investors, this fund is for companies at early (start up or seed capital) stages of development. £20m is available from this fund in investments of between £50k and £750k.
Fund details for more mature businesses:
- Growth Fund - This fund will support relatively mature companies who are generating revenue and looking to grow further. Investments will be made of between £50k and £400k. Further conditions apply to this £20m fund, managed by NEL Fund Managers.
- Growth Fund 500 (larger deals) - This fund is for mature, revenue generating companies who need a significant cash injection to facilitate a step-change in their business. Managed by Finance Wales, investments of between £350k and £1.25m can be made from a total £20m fund.
Fund details for technology businesses at any stage:
- Technology Fund - Managed by IP Group, this fund can complete investments of between £50k and £1.25m per company per year. With £25m total funds, this fund aims to meet the requirement for seed and development stage funding.
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