Regional development agency One NorthEast has launched its third regional investment fund, NEIF 3. The £13m loan and equity fund will help fund businesses at a critical time in their development when investment from financial institutions can be difficult to obtain.
The fund is a public/private partnership funded by One NorthEast, the European Regional Development Fund and Barclays Bank. It will be managed by Evolve Finance, the specialist loan and finance division of Northern Enterprise.
Over the next three years NEIF 3 aims to help 330 North East firms and create over 1,700 jobs.
UK law firm Dickinson Dees has advised on the fund. The firm advised One NorthEast on the formation of the first NorthEast Regional Investment Fund in 1999. Partner Neil Warwick, said: “One NorthEast has played a major role in helping to plug the equity gap that can prevent vibrant businesses from reaching the next stage in their development. This is something I was involved in from as early as 1995 so I am delighted to have retained involvement from the creation of the original fund through all the further phases of investment, which has allowed us to develop a genuine expertise in this field.”