The boss of a firm developing thousands of square feet of new industrial space on South Tyneside is urging other businesses not to miss out on funding.
The Hellens Group is creating three large new industrial units at Monkton Business Park, in a development which is expected to create more than 100 jobs.
The firk received loan funding of £1.7Million from The North East Investment Fund (NEIF), along with £1.27million from the North East Local Enterprise Partnership’s Local Growth Fund.
It is the third time the company has secured finance from the NEIF, a capital loan fund administered by the North East Local Enterprise Partnership and supporting capital projects that encourage local economic growth and create jobs in our area.
Since 2012, £65million has been secured by organisations for projects that will have a positive impact on the North East regional economy.
Now the fund is inviting new capital infrastructure funding applications for projects that help address the continued shortfall in the supply of the industrial and commercial office space across the North East.
The NEIF has been a valuable source of funding to our business since the credit crunch.Gavin Cordwell-Smith
It is estimated the supply of Grade A office space of 10,000 square feet and above is at a critical level. Based on long-term annual average take up, there is less than one year of Grade A office supply available in the North East.
Hellens Group chief executive Gavin Cordwell-Smith said: “The NEIF has been a valuable source of funding to our business since the credit crunch.
“We have fully let both of our previous developments funded by NEIF within 18 months of completion, helping to create and retain hundreds of jobs in the process. Without the funding these developments and the employment benefits that they bring would not have happened.
“We have found the whole process to obtaining and using the funding from the NEIF to be very transparent and straightforward. The NEIF doesn’t just look at the value of the asset to be created but also the employment benefits which it brings. They also don’t require a pre-let to be in place as long as there is a proven demand for space created.”
For more information on the NEIF and to use the online eligibility checker, visit www.nelep.co.uk/funding/neif/north-east-investment-fund/