NEL response to yesterday’s budget statement:

Dr Yvonne Gale, chief executive at regional fund management firm NEL Fund Managers, said “With demand having been so strong for the CBILS scheme, we had called for more detail on what was going to happen after it comes to an end and are pleased to see the new Recovery Loan Fund being planned for the rest of the year.

“We would expect the new scheme to be very helpful to North East businesses as they adapt and then grow in our reopening economy, although we don’t yet know how it will work and would hope for more detail to appear on this imminently.

“Any businesses that already considering applying to the existing CBILS scheme, which runs out at the end of this month, need to do so as soon as possible, so that they can have the choice on which of the schemes will work best for them.

“Any measures that encourage small businesses to improve their products, services and processes are always welcome, and both the Help To Grow initiative and review of tax reliefs around research and development expenditure clearly have the potential to make a great deal of difference in these areas.”