£ 5m grant set to aid recovery of County Durham businesses
BOUNCEBACK
The Durham Business Recovery Grant will help County Durham businesses adapt and recover from the Covid-19 pandemic by supporting them as they develop new ways of working .
D
urham County Council has launched a new £ 5m grant to help businesses implement recovery plans and overcome the effects of the coronavirus pandemic .
The Covid-19 crisis has had a significant impact on the economy and recovery is likely to take time , particularly with the current lockdown and potential for further restrictions in the future . Businesses continue to face challenges in being able to return to normal trading , as well as increased costs of adapting workplaces and methods of operation , at the same time as suffering reduced levels of income .
Unlike previous grants announced by the government , the new £ 5m council-funded Durham Business Recovery Grant will support County Durham businesses in their efforts to adapt and recover , to meet their current challenges and to develop new ways of working .
The grant scheme , overseen by Business Durham , the economic development arm of Durham County Council , aims to provide financial assistance for the implementation of business recovery plans , helping firms that have a credible plan to adapt and recover but require additional financial support to be able to implement it .
The scheme offers grants from £ 1,000 up to a maximum of £ 40,000 and will contribute 75 per cent towards eligible recovery plan costs , with the business expected to meet a quarter of the project cost .
The grant scheme is open to companies across County Durham , in all sectors and varying in size from micro-businesses to those employing up to 250 people in the county . Businesses must also have been established before March 11 2020 .
The Durham Business Recovery Grant scheme will support more than 880 firms and have the potential to safeguard over 1,760 jobs across the county .
Councillor Simon Henig , Leader of Durham County Council , said : “ The coronavirus pandemic is having a significant and ongoing impact on businesses and the economy across County Durham and with current and the potential for further lockdown restrictions it is vital we do what we can to help businesses recover . In recognising that challenge , Durham County Council has agreed to provide a substantial
£ 5m-worth of grant support for the new Durham Business Recovery Grant scheme .
“ This is a significant investment for the council , which together with our plans to increase County Durham ’ s social value and community wealth building demonstrates our commitment to local businesses and developing a sustainable economy for the long term .”
Councillor Carl Marshall , Durham County Council ’ s cabinet member for economic regeneration , said : “ During the coronavirus pandemic County Durham businesses have displayed significant resilience in rising to the challenges both lockdowns and tiered restrictions
28