Swinburne Maddison LLP is pleased to announce that Partner Jonathan Moreland has joined the panel of the County Durham Growth Fund.
The County Durham Growth Fund is a £4.9 million grant scheme funded by the European Regional Development Fund (ERDF), designed to provide grant support to SME’s in County Durham for capital investment projects with the aim of creating quality jobs in the private sector.
The three year programme, managed by Umi in partnership with Business Durham, runs from 1st April 2019 to 31st March 2022, whereby applicants can apply for up to 40% of the value of a specific project. The final date for projects to be completed is 31st December 2021 and jobs must be in place by 31st December 2022 in order to receive the grant.
Jonathan, Partner at Swinburne Maddison LLP, joins the investment panel which consists of up to 12 voting members, across varying sectors, and draws representation from the local business community. Jonathan heads up the Employment and Dispute Resolution teams at the firm, acting for business owners across the region, and brings the benefit of his extensive experience to his new role.
Jonathan commented, “I am delighted to have been given the opportunity to join the County Durham Growth Fund Panel. This fund is a great opportunity for businesses already based within the County Durham area and for those wishing to expand into the area to invest in their organisation and improve prospects for the next generation.
“The panel is comprised of professionals across varying sectors, so we are able to combine our individual skills and experiences and apply our own professional litmus tests when deciding whether or not a particular investment is viable for both the fund and for the business.”
In the first three months of the fund being launched the panel has provisionally granted around £2m across ten businesses, in different sectors, leading to the creation of 200 jobs in the County Durham area.
Jonathan explained, “Umi do a fantastic job in working with the applicants to prepare the high calibre of applications we receive. They ensure transparency when mapping out the process as to how the investment will help to achieve future employment.”
The panel is required to consider set criteria against each application and then decide whether to approve (with or without conditions), decline or defer the said application. The set criteria includes the following considerations:-
- Is the project viable for the business?
- What is the minimum grant necessary for the project to complete?
- Can the applicant demonstrate that the investment will result in a net increase of jobs?
- Will the grant negatively impact other County Durham businesses?
- Does the application fit into the portfolio of other invested businesses?
If you are a business in the County Durham area, looking to invest in a capital project and can demonstrate that it will result in future employment, you may be eligible to apply for County Durham Growth Fund. For more information on the fund and the criteria, please visit https://www.countydurhamgrowthfund.co.uk/.