HUNDREDS of small and medium sized North-East companies could benefit from a £1.8m fund set up to help investment in today's testing economic climate.

North East Enterprise Agency NBSL is administering the North East Business Support Fund, which has been partly financed by the European Union's Regional Development Fund.

Up to 1,300 small and medium sized businesses based in the North-East are expected to apply for the funding.

Up to 40 per cent funding is available, to a maximum of £1,400, for business improvement projects.

The fund aims to help businesses to bring in the expertise they need to help them develop and grow.

This could include specialist advice with growth planning, developing specific core areas of the business, such as products, processes, finance, training, branding or marketing, as well as expansion or succession planning, and web design or development.

John King, North-East business support manager for NBSL, said: "We want to increase opportunities for businesses by putting them in the position where they can compete more effectively locally, nationally and internationally.

"We want to help them become more competitive, more sustainable and to help them grow."

To be eligible for a slice of this funding, businesses must meet the following criteria:

* Be a registered SME business based in the North-East with fewer than 250 full time employees and an annual turnover not exceeding £50m;

* Have already commenced trading;

* Be preparing to grow over the next three years;

* Have a project that equates to 12 hours or more support;

* Have a predominantly business-to-business client base; and

* Have received no NBSL L&M funding since April 1, 2011.

Companies wanting further information should contact NBSL on 01670-813322, visit nbsl.org.uk/what-we-do/we-help-businesses-to-develop or email john.king@nbsl.org.uk