County Durham SMEs to get jobs boost with six-figure cash injection
Two County Durham SMEs are due to receive up to £225k of grants which will see more than 30 jobs created.
The County Durham Growth Fund has awarded grants to two SMEs in the county, with the aim of accelerating their growth.
Close-proximity radiography business SafeRad Ltd and modular housebuilder CoreHaus are the latest SMEs to receive a share of the £8.9m capital grant scheme.
SafeRad Ltd has been awarded £175k to purchase new specialist equipment and machinery which will allow it to produce a new product from its Meadowfield site, as well as expanding its existing operations.
It is hoped that this will open a new revenue stream for the business, create 20 hi-tech roles, and grow the export side of the business.
Malcolm Wass, managing director of SafeRad, commented: “The offer of funding from County Durham Growth Fund has given SafeRad Ltd the impetus to install a state-of-the art nuclear “hot cell” for handling radioactive sources to develop existing business and expand into new markets.”
He continued: “It has given the company the ability to develop new equipment and offer new and interesting jobs in R&D and manufacturing that would otherwise have been impossible.”
CoreHaus will receive a £50k grant which is expected to accelerate expansion plans. It has secured a manufacturing facility at Murton’s Jade Business Park where it will begin production of its modular homes. The scale-up is expected to create 16 production jobs at the new site.
The fund is overseen by Business Durham, which is the economic arm of Durham County Council.
Sarah Slaven, Business Durham’s interim managing director, commented: “We are delighted to be able to fund these two businesses’ capital investment projects and help each of them to achieve their ambitions through expanding into new markets, becoming more efficient and increasing their workforce.”
Cllr Carl Marshall, cabinet member for economic regeneration at Durham County Council, added: “While we continue to navigate the economic impact of COVID-19 it is particularly important to support businesses to grow and thrive.”
He continued: “We hope the County Durham Growth Fund will continue to play a vital part in enabling businesses to invest and expand their operations in the county.”
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