Entrust, the Business Development Organisation which supports aspirational businesses and individuals in the North East, believes the latest £10m package from One NorthEast will play a vital role in helping hundreds of North East firms to survive during the economic slowdown.

The funding will double the annual support of Entrust’s Company Rescue Service, Pathfinder to £500,000, to help firms struggling with cashflow issues. After only five years of operation the service has made a real difference to the North East economy – saving 51 companies, 1,222 jobs and over £76 million in turnover during the last 19 months alone. This has also enabled the creation of 6 new jobs and over £6 million in new turnover.

Entrust’s Pathfinder Service provides assistance for viable companies that are experiencing difficulties. These difficulties are, in practice, normally financial but this symptom often hides deeper underlying causes. Pathfinder is successful because it addresses these issues, providing access to accredited business consultants who can work with the company on a practical hands-on basis. 

There are a number of potential problems which may indicate that Pathfinder intervention is advisable; for example if it is becoming increasingly difficult to pay for purchases on time; the company is reliant on only a few customers; borrowing has increased to keep the company running, or the company is more than a month behind on PAYE or VAT payments. This confidential business intervention with experienced professionals can identify key areas of concern.

Speaking about the boost to Pathfinder, Dan Brophy, CEO at Entrust said:

“Pathfinder is a vital and extremely successful service. It is very deserving of this boost and we are delighted that we will be able to help save even more SMEs going forward. Sadly, in the current economic climate an increasing number of North East businesses are looking for ways to survive, Pathfinder can support and enable their survival by providing the management team with an external perspective, and presenting an honest view of the company’s financial position.”

ONE NorthEast also announced a boost to three other primary funds; the Selective Finance for Investment (SFI) grant; the North East Investment and Co-Investment Funds and the Energy Resource Efficiency scheme.

Entrust can help businesses access other forms of funding, support and advice which may prove fundamental in the current economic climate.

Entrust provides assistance for businesses and individuals through its bespoke services; Financial Solutions, Graduate Business Solutions, Service Network and Start-up assistance. These services are provided by top professionals and experienced business people throughout the Region.

Our specialist Financial Solutions team work with small and medium-sized businesses to source finance, find business angels and to ensure that investment delivers maximum impact to business growth plans.

 

For further information on the Pathfinder programme or to discuss your concerns in confidence please contact Entrust on 0191 2444000 or email pathfinder@entrust.co.uk