County Durham businesses to receive £1m investment through SME funding

Businesses in County Durham are set for a £1m cash injection from a fund created for SMEs.

Enterprise agency, NBSL has launched a new North East Business Support Fund (NEBSF) specifically for County Durham businesses.

The programme - part financed by the England European Regional Development Fund - is forecast to help 620 businesses, creating around 230 jobs.

This new programme is open to all County Durham SMEs until 2020, even those which have already accessed NBSL support in previous funding rounds.

In recent years, the North East Business Support Fund has supported over 800 businesses in County Durham with £870k of grants and 120 fully funded places on business development masterclasses.

John King, North East business support manager at NBSL, said: “We’re really pleased to have secured this new funding that allows us to carry on the great work of the North East Business Support Fund in County Durham.

“It is great news for those businesses looking for that little bit of help that enables them to deliver on their growth plans.

“The programme has already helped hundreds of businesses in County Durham to tap into funding and expertise and we’re excited that we can now support hundreds more over the next three years.”

This version of NEBSF provides up to 40 per cent funding - up to £3,200 - towards a project worth between £2,500 and £8,000. Firms can use the funding for most types of business support that will encourage business growth.

John added: “This may not be the end of the good news for the region.

“We are also aiming to secure additional funding to provide support to businesses based in Northumberland and Tyne and Wear and hope to be able to make an announcement in that in the coming months.”