The impact of a fund designed to increase business growth in County Durham has been praised for attracting £40 million of investment.
Established by Durham County Council in 2017, the Finance Durham Fund provides loans to help the growth of county-based businesses and attract new companies to the region.
It is overseen by Business Durham and managed by Maven Capital Partners to help businesses accelerate growth in the county.
The fund provides debt and equity funding to support businesses of all sizes from a variety of sectors, and is aimed at companies looking to scale up, create jobs and add economic prosperity in County Durham.
In a new update on its progress, the local authority revealed there have been 58 investments into 38 companies, totalling £17.29 million, since the fund was first launched.
Councillor Joe Quinn, cabinet member for planning, investment and assets, said: “The impact that the Finance Durham Fund has facilitated in just a few years demonstrates the value that the fund brings to the county’s economy.
“At a time when public funding for business support grants is likely to be in shorter supply, the Finance Durham Fund will play an even more important role in supporting the growth of our county’s enterprises.
The funding has leveraged an additional £40 million of investment, supporting nearly 1,500 jobs with a Gross Value Added (GVA) impact of £44 million.
It also provides ‘access to finance’ business support, helping businesses increase their capabilities and skills to grow and thrive.
Cllr Quinn added that it is “a key investment incentive that sets us apart from other competitor locations, helping to attract more companies to the area”.
Companies that have benefited from the fund include Power Roll, based in Seaham, which produces solar film and recently signed a global deal with a major Japanese firm.
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Other recipients include Stanley’s Dyer Engineering, which is the largest independently owned engineering company in the county; Pragmatic Semiconductor, which opened the UK’s first 300mm semiconductor fabrication site in Meadowfield; and NETPark companies Magnitude Biosciences and PervasID.
An update to cabinet members states the fund has £3.7 million ready to award to businesses, with several potential deals totalling over £2 million currently under consideration.
A report on the latest updates with the fund will be provided to cabinet members on Wednesday, April 22.
