A £4.9m scheme that aims to create more than 300 new jobs in County Durham has been launched.
The three-year County Durham Growth Fund has been launched by Business Durham, the economic development arm of Durham County Council, with the aim of helping businesses to grow by providing funding towards capital investment projects.
The fund is based around the successful Let’s Grow scheme, which saw The Journal work with BE Group and UNW to distribute funds from the Government’s Regional Growth Fund to North East companies creating new jobs.
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The current scheme will see money from the European Regional Development Fund awarded to companies in County Durham that are preparing a capital investment of at least £100,000, or which are establishing new operations in County Durham.
BE Group is workign with Business Durham to deliver the programme.
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.”
Funding for the programme has been secured from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.
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To be eligible, applicants need to have fewer than 250 employees and an annual turnover of less than €50m. Grants will be made available of up to 45% of project costs, with eligible projects including purchase of land and buildings, leasing or fitting out premises, and costs of plant and machinery.
Karen Jones, senior project manager at BE Group, 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.”
The new scheme complements the Finance Durham fund, which was set up two years ago and has invested £3.4m in 10 companies in the county, creating or safeguarding more than 250 jobs.
The Finance fund, which is worth £20m, is part of Durham County Council’s economic growth strategy which is aiming to encourage entrepreneurship in the county.