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A growth fund which aims to help firms create jobs in County Durham has awarded nearly £2m in grants in 2021.

The County Durham Growth Fund has made grants to 17 companies in a range of sectors, which will create help companies around the county create 278 new jobs.

Those grants helped companies leverage a further £3.1m in private sector investment, bringing to total number of jobs created through the fund to more than 700.

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The fund, which is managed by Business Durham in association with UMi and UNW, provides financial support to SMEs in County Durham to help accelerate their growth. Recipients of grants have used the money to buy new machinery and equipment, increase capacity, develop new products or move into larger premises.

Coun James Rowlandson, cabinet member for resources, investments and assets at Durham County Council, said: “As the year ends, it’s an important time to look back and reflect on what’s been achieved and 2021 has been a fantastic year for the County Durham Growth Fund, despite the difficult business conditions created by the pandemic. This year we have helped 17 local businesses with their growth plans, which are expected to create 278 new jobs for the county.

“These companies are great examples of the innovative and ambitious small and medium-sized businesses located across our area and we at Durham County Council are very proud to have been able to support them, as they expand and flourish.

“It is by investing in ambitious firms like these that we will be able to ensure healthy economic growth and plenty of job creation for County Durham now and in the future.”