300 jobs hope as £4.9 million County Durham Growth Fund launched

More than 300 jobs could be created from a £4.9 million fund focused on helping County Durham small and medium-sized firms (SMEs) expand, a business development organisation has said.

The three-year County Durham Growth Fund aims to support companies’ expansion by providing funding towards capital investment projects.

To qualify for funding from the scheme, launched by Business Durham – the economic development arm of Durham County Council – firms must be planning a capital investment of at least £100,000 to expand existing operations or establish new operations in County Durham.

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 planning to expand.

“It will help create more, and better quality, jobs in the region.”

The fund is being delivered in partnership with BE Group, which will help with initial eligibility checks and funding applications.

Karen Jones, senior project manager at BE Group, added: “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.”

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.