North East Finance is assisting One North East in establishing a £125m strategic holding fund under the JEREMIE initiative, which has been set up by the European Commission and European Investment Fund to increase the availability of finance to small and medium sized enterprises (SMEs).

A portfolio of specialist investment funds focussing on specific sectors and business funding needs will be set up by a holding fund manager and delivered by independent fund managers - who will invest in SMEs based in the North East of England.

As outlined below, fund management contracts will be awarded through an open procurement process. This began on Friday 3 April and initial applications (pre-qualification questionnaires) must be received by noon on Tuesday 5 May 2009.

Organisations which are successfully appointed to a panel of fund managers will subsequently be able to bid for specific fund management contracts at the next stage of the procurement process - scheduled for August/September 2009.

The panel of fund managers is currently being assembled via a public procurement process managed by One North East.

For further details, please click on the link set out below and then on the “Fund Management Services for Regional Venture Capital and Loan Funds” project in the “View Current Opportunities and Notices” section.

www.onenortheast.bravosolution.co.uk

For more information on the JEREMIE programme, please follow this link: http://ec.europa.eu/regional_policy/funds/2007/jjj/jeremie_en.htm

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