Finance Durham generates £40m and 1,000 jobs in first five years

A fund which has invested more than £10m in County Durham businesses has brought about an additional £30m of spend and created or safeguarded more than a thousand jobs.

These will be the figures reported to Durham County Council’s Cabinet next week, when members receive a report looking back on the first five years of the authority’s Finance Durham Fund.

The purpose of the fund is to make equity and loan investments in county-based businesses to aid business growth and attract businesses to locate to and create jobs in the county.

The meeting on Wednesday 16 November will also look ahead to another five years of Finance Durham, under the continued management of Maven Capital Partners, following its re-procurement.

Cllr James Rowlandson, cabinet member for resources, investment and assets, said: “We are delighted at what has been achieved through the Finance Durham Fund in its first five years. We have invested in excess of £10m in more than 20 businesses across our communities and in sectors and technologies that are at the forefront of change or that add to the county’s capabilities to attract even more investment.

“Indeed, the money we have given out so far has enabled investment of more than £30m in the county and this has in turn supported the creation of more than 200 jobs and safeguarded nearly 800 more.

“It is clear to see the vital role the fund plays in developing our economy, with this recognised by it being named as a key project within our draft Inclusive Economic Strategy, and we are very excited at what the next five years of Finance Durham can bring.”

By Mark Adair – Correspondent, Bdaily