Durham businesses can now apply for a share of a £20m fund
Finance Durham LP will look to support 70 businesses in the region with investments ranging from £200,000 to £2m
Durham-based businesses can now apply for a share of a £20m fund launched by Business Durham – the economic development company for County Durham.
With Maven Capital Partners acting as fund manager, Finance Durham LP (FDLP) will look to support up to 70 businesses throughout the region, helping them grow and creating thousands of jobs.
Investments will range from £200,000 to £2m, with 10% of the fund set aside to make investments of between £10,000 and £40,000 into start-up companies.
Businesses can be from any sector and of any size, but must be based in or relocating to County Durham when the investment is made.
Bill Kennedy, of Maven, commented: “Maven is delighted to have been selected to manage this new and innovative fund in County Durham.
“[…] Alongside providing substantial financial support to suitable small businesses, Maven will work closely with supported businesses to drive value creation and improve operational performance throughout the life of an investment, without interfering on the day-to-day running of a business.”
Councillor Simon Henig, leader of Durham County Council, said: “We’re seeing more and more firms locate, start up and grow here in County Durham. This £20m is testament to our commitment to help County Durham’s economy to grow.”