MORE than 300 new jobs could be created with the launch of a £4.9M fund to help County Durham’s small and medium sized businesses to expand and grow.
The three-year County Durham Growth Fund has been launched by Business Durham, the economic development arm of Durham County Council, to help stimulate and enable businesses to 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 £100,000 to expand existing operations or establish new operations in County Durham.
The fund is being delivered in partnership with UMi, which has a dedicated team of advisors ready to help with initial eligibility checks and funding applications.
Karen Jones, senior project manager at UMi, said: “ 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.“
For further details contact UMi on 0191 716 1006, or visit www.countydurhamgrowthfund.co.uk