Creative UK has introduced a new funding initiative aimed at supporting game developers and other creative businesses in North East England.

In collaboration with the North East Combined Authority, the North East Shared Success Fund will assist small and medium-sized businesses in Northumberland, Newcastle,and North Tyneside.

Eligible businesses can apply for up to £25,000 during the development phase of their products and services. Once their project succeeds or reaches a certain turnover threshold, they will repay the investment interest-free.

The initiative also offers workshops, mentorship and support throughout the process, the company revealed.

“Many early-stage creative businesses struggle with investment and cash flow when developing new IP and bringing new products and services to market,” said Carol Bell, associate regional director at Creative UK.

“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.”