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2010

2010. Going For Growth EU Funds in the North East. 6 th October 2017. Introduction. Who we are What we do EU Funding Impact on North East Availability of finance going forward. EU Structural Funds – Some numbers. 2014-2020 256 bn euros allocated to ERDF/ESF. 2007-2013

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2010

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  1. 2010 Going For Growth EU Funds in the North East 6th October 2017

  2. Introduction • Who we are • What we do • EU Funding • Impact on North East • Availability of finance going forward

  3. EU Structural Funds – Some numbers 2014-2020 256 bn euros allocated to ERDF/ESF 2007-2013 12.5 bn euros invested in financial instruments 2014-2020 20 bn euros expected to be invested in financial instruments 2014-2020 Over 500,000 jobs to be created

  4. North East Funding Allocations 2014 - 2020 Total ERDF/ESF allocation: England £6,937m Tees Valley £201.7m NELEP £537.4m

  5. Investment Funds in the North East • Pioneers in utilising EU funds in financial instruments, dating back to late 1990s • Rest of EU only just catching up in terms of use of FIs • Specific challenges of the North East mean that public funds are necessary • Use of debt/equity means that funding can be reutilised • Approx £100m of public funds invested over 2000 – 2009, utilising both EU and ONE North East funding • £160m JEREMIE Fund invested over the course of 2010 - 2016

  6. Addresses problems of SMEs accessing finance due to size, stage of development and geographical location • Suite of seven investment funds totalling £160m providing loan, equity and mezzanine finance to North East SMEs • Financed via ERDF and other public sources of finance, matched with a loan of £71m from European Investment Bank • Private sector model, commercial approach, managed by FCA regulated fund managers • Local delivery

  7. Impact of the JEREMIE Fund – Multiplier effect ERDF £54.25m

  8. Impact of the JEREMIE Fund (cont’d)

  9. Impact of the JEREMIE Fund (cont’d) • Freelance/consultancy jobs • Jobs in supply chain • Impact on advisory and support community • Fund managers attracted to the region • Investors attracted to the region • Overall activity makes NE a better place to start and grow a business

  10. Some Successes

  11. What next? Finance Durham Fund 3,700 jobs Launch tbc

  12. Summary • Early stage investment in North East heavily reliant on EU funds • Significant funding made available over the past 15 years or so • Huge impact on the NE economy, both directly within the SME beneficiaries and indirectly within the “ecosystem” that has developed around the funds • We remain part of the EU, and should make the most of funding opportunities while still available • Post Brexit, UK Government needs to recognise that the funding gap will still be there

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