£4.9m fund set to create over 300 jobs and boost County Durham SMEs

Over 300 new jobs could be created with the launch of a £4.9m fund to help County Durham’s small/medium-sized businesses to expand.

The three-year County Durham Growth Fund has been launched by Business Durham, the economic development arm of Durham County Council, to enable businesses grow by providing funding towards capital investment projects.

Sarah Slaven, Business Durham’s operations director, said: “We’re delighted to see the launch of this new fund which is aimed at small and medium sized businesses which are planning to expand.

“The fund is based on a previously successful model, Let’s Grow, and will help create more, and better quality, jobs in the region.”

The funding has been secured from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.

To qualify, small and medium-sized businesses need to be planning a capital investment of at least £100k to expand existing operations or establish new operations in County Durham.

The fund is being delivered in partnership with BE Group, which has a dedicated team of advisors ready to help with initial eligibility checks and funding applications.

Karen Jones, senior project manager at BE Group, concluded: “We’re delighted to be working in partnership with Business Durham to support SMEs in County Durham.

“This joint approach will allow us all to provide the most effective support and provide grants that will have a real impact on the economy in County Durham.”

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