A job creation scheme in the North East has been given an additional £4m to carry on for another three years.
The County Durham Growth Fund was set up in 2019 with £4.9m to provide grants to the additional funding from the SMEs in the county looking to grow.
The additional funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 will enable it to support 22 more companies and help boost job creation.
The fund, which is overseen by Business Durham and Umi, has given out £2.7m in grants in its first year, helping 11 companies expand into new markets and create a total of 310 new jobs.
Recipients include battery maker Alexander Technologies, biotechnology firm Kromek and engineering companies Bignall Group Ltd and Dyer Engineering.
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 £4m 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 hope the County Durham Growth Fund will continue to play a vital part in enabling businesses to invest and expand their operations in the county.”
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Coun 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.”
More details on the scheme, including eligibility criteria, is available at www.countydurhamgrowthfund.co.uk.