The County Durham Growth Fund has been awarded an additional £4,000,000 of funding to continue supporting businesses across the county until June 2023.
Established in April 2019, the fund was initially a £4.9m capital grant scheme providing grants to small and medium enterprises in County Durham to accelerate their growth.
Due to the additional funding, the County Durham Growth Fund will now be able to support an additional 22 companies and help boost job creation and the local economy.
In its inaugural year, the County Durham Growth Fund invested £2.7 million of capital grant funding to 11 businesses from across the county
Each of the companies have secured a sizeable grant to enable them to purchase new equipment, increase their capacity, improve efficiency, expand into new markets and create over 310 new jobs between them over the next two years.
The capital grant funding supports both established and new businesses who are looking to either expand or set up new operations in County Durham.
Sarah Slaven, Business Durham’s interim Managing Director, said: “It is fantastic to celebrate the first anniversary of the County Durham Growth Fund by announcing we have secured an additional £4million of grant funding to the scheme. We will now be able to support more businesses from across the county to grow and thrive.
“We are delighted to have funded 11 businesses’ capital investment projects and help them to achieve their ambitions through expanding into new markets, becoming more efficient and increasing their workforce.
“Over the next three years as the economy moves into the recovery phase it is going to be particularly important to support businesses to grow and create jobs, and we hopethe County Durham Growth Fund will continue to play a vital part in enabling businesses to invest and expand their operations in the County.”
Cllr Carl Marshall, Cabinet member for economic regeneration at Durham County Council, said: “We are committed to supporting businesses to expand and thrive, and the County Durham Growth Fund is testament to this. As we mark its first anniversary, it is a fantastic opportunity to look back at the difference this funding has made – both in terms of enabling businesses to realise their ambitions and in the hundreds of new jobs it has helped to create within the county.”
Karen Jones, Senior Project Manager at UMi, said: “This first year has proved a tremendous success and allowed us to support some excellent growth projects over a varied sector base. This support is fundamental to aid business growth that will in turn protect and increase jobs and support long term economic growth in County Durham.
“I would encourage any small or medium sized businesses in the area who are planning a capital investment of at least £100,000 to get in touch with us to see if we can help them.”
John Healey, Corporate Finance Partner at UNW, said: “It is always encouraging to see businesses investing for the future. We are delighted to have supported the fund in its first year and look forward to continuing to work with growing businesses within County Durham.”
To check eligibility and get help with the application process contact UMi on 07443 231 757 *, or visit www.countydurhamgrowthfund.co.uk.
*(This is a temporary number as we are dealing with high call volumes due to the COVID-19 outbreak)