European Support
Assistance from Europe typically originates from the European Social Fund (ESF), European Regional Development Fund (ERDF) or the European Investment Bank (EIB). The European Union supports poorer regions of Member States by providing funds to help them regenerate their economies and create new jobs. The four most important funding programmes are known collectively as ‘Structural Funds’.
For the 2007-13 period, the Government is delegating the implementation of the European Regional Development Fund (ERDF) to One NorthEast. ERDF is economic development funding for regions like the North East which are encouraging structural economic change. The region is to receive about £255m from ERDF up to 2013. This means around £36m additional European funding per year to boost economic development activity, focusing primarily on Enhancing and Exploiting Innovation and Business Growth and Enterprise (£110m). For further information about ERDF, click here.
The European Structural Funds provide grants to support projects throughout the UK to promote social and economic regeneration and competitiveness. However, most of the funding is concentrated on areas of greatest need - so-called Objective 1 and 2 areas (the North East region has no Objective 1 areas).
The funds contribute towards activities that will provide new employment. This includes infrastructure improvements; supporting existing and start-up businesses; research and development; training; and other specific areas such as rural and environmental development.
Find more Information on projects supported through ERDF and ESF within the North East of England here.
One NorthEast acts as the Objective 2 regional package co-ordinator. See our page on Objective 2 Priorities.
For information on Objective 3 funding in the North East, administered through the European Social Fund, see our page on Objective 3 Funding.
Information on the European Investment Bank, for loans to finance capital investment, can be obtained by clicking on the following link: EIB
