The North East Fund has reported an increase in the number of regional companies seeking funding for growth, despite a backdrop of economic uncertainty.

It has now reached a milestone of 150 investment projects, with more than £25 million allocated by its fund managers to local SMEs during the past 18 months.

CEO Jason Hobbs (www.northeastfund.org) said: “We are seeing a sustained number of enquiries from local businesses across the region, from Northumberland down to County Durham, all seeking investment to grow.

"The North East has always had a determination to succeed, so we are seeing some great businesses coming through seeking funding. With that in mind, I remain optimistic about the region’s future.

“We are fully committed to supporting the ambition of all businesses in the North East, regardless of size or sector.

“While many SMEs are at the forefront of their industries, driving forward innovation on a global stage, an increasing number of our investments have been allocated to smaller owner-managed enterprises operating in more ‘traditional’ sectors.

“These companies play an integral role in supply-chain industries and the North East economy.

“By giving firms of all sizes access to funding, we have delivered significant opportunities for companies to push ahead with their growth plans.

“Hitting 150 investments is a great achievement, and we have more to come.”