The initiative is designed to support SMEs in the Northumberland, Newcastle and North Tyneside areas.

The North East Shared Success Fund, delivered by Creative UK and funded by the North East Combined Authority (NECA), has been launched, for creative businesses in the north-east region.

Business owners in the Northumberland, Newcastle and North Tyneside areas can apply for up to £25,000 of repayable finance to expedite their ideas and output.

Creative UK already runs a tranche of support schemes in partnership with the NECA, but this new fund provides a bridge between alternative creative grants and loans schemes with the following key benefits:

• Recipients of the funding will repay the money, interest-free, once their project succeeds or reaches a certain turnover threshold
• The money is accompanied by tailored support, including workshops and one-to-one mentoring, to assist creatives with the application process
• The fund’s fundamental purpose is to give recipients the creative freedom to solely test ideas and develop a new product or service for the benefit of the sector

Carol Bell, associate regional director, north, at Creative UK, said: “The team and I are thrilled to be launching a fund of this nature for the Cultural and Creative Industries.

“Many early-stage creative businesses struggle with investment and cash flow when developing new intellectual property (IP) and bringing new products and services to market – this is something Creative UK, in partnership with the North East Combined Authority, wanted to address with the North East Shared Success Fund.

“Investment in a creative idea is central to the growth of the Creative Industries, and with it the creative economy, which is why we’re hoping to reach all specialisms across the sector with this fund. The intention is that the repaid funding is then reinvested to support other creative sector businesses in the future.”

Creative UK is hosting a webinar on Thursday, 19 September where more details about the fund and how to apply will be explained.

The north-east has enjoyed a growing reputation as a film-friendly destination, with flagship ITV drama Vera showcasing the location backdrops. Filming has recently been completed in the area on I Fought the Law with Sheridan Smith and new BBC comedy Smoggie Queens.

The region’s screen-sector appeal is set to increase further with the development of Crown Works Studios, on the banks of the River Wear in Sunderland.