George Osborne announces a funding injection of over £400 million for the nicknamed ‘Northern Powerhouse’ from European regional funding.
In his visit to many small businesses in the North Mr Osborne set out his plans in the creation and build of the Northern Powerhouse businesses across the North of England by working with local enterprise and business partnerships. The new deal announced that the investment of over £400 million would be added to the already £382.5 million already invested in the region.
The Joint European Resources for Micro to Medium Enterprises or ‘JEREMIE’ for short offers equity and loan funding to startup enterprises who have an ambition and strategy to grow.
George Osborne said: “Small business are the lifeblood of the Northern Powerhouse and this funding has the potential to make an enormous difference to hundreds of SMEs right across the north.” and added “From supporting thousands of northern companies through increasing the Annual Investment Allowance and giving businesses an extra £1,000 with an increase in the Employment Allowance, my Budget last week backed businesses across the north and this funding has the potential to do even more.”
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